JLL Capital Markets Closes Sale Of Miami Industrial Facility To Prologis
JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995.
JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995.
Once completed in the spring of 2022, the project will be a state-of-the-art warehouse facility with modern features such as a 36-foot clear height and 110 dock-high doors.
With a sale price of ±$185 per square foot, the sale established a new high watermark for small bay warehouses.
The new lease represents a 53,000-square-foot expansion.
At 17,000 square feet, the building is relatively small, showing that the unquenchable investor appetite for industrial space has led to a scarcity of big properties for sale, and investor willingness to turn to smaller buildings.
The site is currently zoned for T6-24A-0, which will allow for a building up to a height of 48 stories. The site is also located within a federally designated Opportunity Zone.
Rodolfo Alvarez in Southwest Ranches manages all three of the sellers.
When completed, the distribution complex will encompass three LEED-certified warehouse buildings totaling over 495,000 square feet.
The leading Miami-based brokerage and advisory firm has closed more than 13 million square feet of deals.
The Florida native brings nearly a decade of experience to Bridge, along with a knack for sourcing off-market transactions.
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