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.
World Freight Logistics (WFL) paid $212 per square foot for the property.