CBRE has announced the $59 million sale of Aventura Industrial Center, a 304,408-square-foot portfolio in Miami to Longpoint Realty Partners, a Boston-based real estate private equity firm.
The portfolio was 64 percent leased at the time of sale.
Christian Lee, Chris Riley, José Lobón, Amy Julian, and Royce Rose with CBRE represented the seller, Stockbridge Capital Group. The sales team was assisted by the CBRE’s Larry Dinner, Devin White, and Tom O’Loughlin.
Aventura Industrial Center features two warehouse buildings located at 555 NE 185th Street and 320 NE 187th Street. The Property has 110,850 square feet of vacant space available for lease with 98,911 square feet of vacant cooler/freezer space ideal for pharmaceutical and flower users, as well as food distributors servicing the cruise lines in Port Miami and Port Everglades.
“Aventura Industrial Center is strategically located along the Golden Glades interchange, one of the largest interchanges in South Florida where four of the tri-county’s most important roads and highways converge,” said Mr. Lobón, an Executive Vice President at CBRE. “This central location provides equidistant connectivity to each county’s principal growth driver: Miami International Airport, Fort Lauderdale International Airport, Port of Miami, and Port Everglades.”
South Florida is one of the most supply constrained industrial markets in the nation. According to CBRE Research, the cooler/freezer market in Miami is exceptionally tight, with only one other freezer/cooler space totaling 42,000 square feet currently available.
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