Former SeaFreight HQ Building Trades For $4.6 Million

Clarion Partners has acquired the former SeaFreight Agencies headquarters building. Clarion grabbed the 48,000-square-foot building for $4.6 million.
Transwestern managing directors Ben Eisenberg and Walter Byrd, along with senior associate Carlos Gaviria represented SeaFreight.
Clarion engaged Transwestern to lease the building, which is located at 2800 Northwest 105th Avenue in Miami’s Airport West submarket.
“Our marketing team was able to generate significant interest in this asset and, in fact, received numerous purchase offers,” Eisenberg said. “It came down to Clarion Partners’ upstanding reputation and its ability to move quickly during the transaction.”
With more than 75 million square feet, Airport West is the largest industrial submarket in Miami. The hub of Miami’s international trade sector, Airport West has continuously outperformed other markets locally and across the country.
According to Transwestern’s first quarter industrial market research, the Airport West industrial vacancy rate is 6.3%. Gross asking rents at $9.22 per square foot, an increase of 36 cents-per-square-foot from the first quarter of 2013. While new construction has increased across South Florida, the Airport West submarket only has 908,009 square feet currently under development.
“This sale demonstrates the ongoing demand in the Airport West submarket,” Thomas Kresse, Transwestern’s senior vice president, stated. “The Miami industrial market, and specifically the Airport West submarket, continues to be targeted as a preferred location for many major institutional investors.”
Transwestern has already secured a full-building, long-term lease with Bruna Group. Bruna will use the space to manufacture seals for bottles and caps.
Cushman & Wakefield’s Audley Bosch represented the tenant.
 
Source:  GlobeSt.