Miramar Industrial Facility Changes Hands For $36.5 Million

A Miramar industrial facility has traded for $36.5 million, according to Broward County records.
Industrial Property Fund VI LLC, a Delaware corporation managed by Atlanta-based Industrial Developments International Inc. (IDI), on Wednesday sold the Miramar Business Center to IIT Miramar DC LLC. IIT Miramar is also a Delaware corporation. It is managed by Denver-based Industrial Income Trust Inc.
The transaction was recorded by the county on Thursday. No financing was reported.
IDI paid $25.56 million for the facility at 11500 Miramar Parkway in September 2004. The 282,059-square-foot Class A building was constructed in 2001.
Food equipment distributor Edward Don & Co. occupies more than 160,000 square feet at the facility, with 200 employees based there. Delta Apparel Inc. leases 63,800 square feet and has 12 employees based there.
IDI in May paid $20.6 million for the 42-acre former Palma Nova mobile-home park in Davie. It plans to construct four industrial buildings on the property.
Industrial Income, a non-traded real estate investment trust sponsored by Denver-based Dividend Capital, paid IDI nearly $43 million in December 2011 for the Marina West Business Center in Sunrise.
Source:  DBR



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