Miami’s Industrial Market Leads Nation With Highest Annual Rate Hike
Year-over-year, the Miami industrial market experienced a 53 percent jump in rent.
non-advertiser
Year-over-year, the Miami industrial market experienced a 53 percent jump in rent.
The mega complex features a 316-key Hilton Miami Bayfront Hotel with endless amenity and entertainment areas, 163 Sky Residences with exclusive owners-only amenities, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, and 64,000 square feet of ‘Class A’ office space.
Senior Managing Director Sal Bonsignore and Executive Managing Director Rod Loschiavo of Colliers South Florida, represented the seller in the transaction with First Industrial Realty Trust.
The new leases total nearly 14,000 square feet.
The medical office building is leased long-term to the University of Miami (UM) Hospital.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
The buyers intend to convert the property to art gallery and creative space.
An Ares Management Real Estate fund acquired the assets.
The JLL Capital Markets team representing the seller was led by Senior Director Maxx Carney and Managing Director Ike Ojala.
Miller began the site work in January and aims to complete the project this summer.
CRE-sources, Inc. is committed to ensuring that individuals with disabilities can access all of the goods, services, facilities, privileges, advantages, and accommodations that we offer through our website.If you are having trouble accessing the website, please call us at 954.290.3866 for assistance.
