Industrial Center Sells For $18.7 Million
CBRE Capital Markets arranged the sale of Aventura Industrial Center on behalf of Principal Real Estate Investors. The two-building industrial property was purchased by Stockbridge for $18.7 million.
Located at 555 NE 185th Street and 320 NE 187th Street in Miami, Aventura Industrial Center totals 302,825 square feet and is 100% leased to two tenants in the duty-free food and beverage distribution business.
“The sale transaction is further evidence of the continued strength and desirability of the Miami-Dade County Industrial Market; the sale also supports the sustained appetite of investors for industrial property outside the leading Doral and Medley submarkets, provided the asset is stable, with solid tenancy, and features good access as well as functional design specifications,” said Christian Lee, Vice Chairman with CBRE.
The property is strategically located equidistant from Miami-Dade and Broward Counties’ main drivers of growth—Port of Miami and Miami International Airport, and Port Everglades and Ft. Lauderdale International Airport, respectively.
“The location of Aventura Industrial Center is irreplaceable for the tenants, Kansas Marine and InFlight, whose distribution channels require access to the ports and airports in both counties,” Lee added.
CBRE’s Miami Institutional Group members, Christian Lee, Charles Foschini, and José Antonio Lobón, Miami Industrial Services brokers David Albert and Devin White, and Atlanta Institutional Group members Chris Riley and Brian Budnick collaborated to market the asset for sale and negotiate the transaction on behalf of the seller.
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