Printing Company Purchases Miami Gardens Warehouse

CBRE arranged the sale of a Miami Gardens warehouse building at 16111 NW 13th Avenue in the Sunshine State Industrial Park.
The 73,500-square-foot warehouse building on 3.76 acres sold for $3.6 million to Miami Dade Printing Company LLC, a national wholesale trade printer. Miami Dade Printing Company LLC required a larger warehouse building in Miami Gardens because they had outgrown their existing building. The prior occupant was Sunshine Kitchens, which ceased operations. CBRE represented both the buyer and the seller in the transaction.
“Miami Dade Printing Company engaged CBRE to find a facility that would accommodate their business expansion, while also allowing them to retain employees and customers by staying in the same market. The Sunshine State Industrial Park presents an optimal environment for companies that need to be close to major highways and mass transportation,” said Elsa Heredia, Senior Associate of CBRE’s Industrial Group.
Miami Dade Printing Company LLC is anticipated to relocate to the new facility in October, 2013.
The Sunshine State Industrial Park is situated at the Golden Glades Interchange – a confluence of five major roads serving North and South Florida, including the Florida Turnpike and I-95.  The Sunshine State Industrial Park is centrally located between the Port of Miami and Port Everglades, as well as Miami International Airport and Ft. Lauderdale Airport.
“This sale demonstrates the continued brisk activity throughout the Miami-Dade industrial marketplace,” said Michael Silver, First Vice President of CBRE’s Industrial Group.
According to CBRE’s Research, over 1.1 million square feet of industrial space was absorbed during the first quarter of 2013 in Miami. “The dwindling supply of well-located industrial buildings has caused sale prices and lease rates to climb over 10% from the same time period last year,” said Silver. “The property’s large electrical capacity was ideal for the buyer. The property also had extra land which is a rarity for industrial properties in this market. The extra land will be utilized for parking with the ability to add approximately 20,000 square feet of additional building space in the future.  All these amenities were beneficial to the buyer which allowed CBRE to negotiate a competitive price in the market.”
Originally built in 1965, the building features a 22-foot clear height, sprinkler system, dock-height doors, street-level doors and truck wells. In addition, the property offers rail access and is in close proximity to the Miami-Dade/Broward County line.
Mike Silver, First Vice President, represented the seller, Norman Shapiro, Trustee.  Elsa Heredia, Senior Associate, with the assistance of Doug Whitten from the CBRE Cincinnati office, represented the buyer in the transaction.