Prologis Buys Airport West Industrial Building

The Easton Group arranged the sale of a 77,000 square foot industrial building in the Miami Airport West submarket.
Prologis LP purchased the property from Gold Coast Beverage Distributors for $4.733 million. The building is located at 7007 NW 30th Street in Miami.
Easton’s Michael Waite along with Jim Armstrong represented both parties in the transaction.
Gold Coast moved its business operations to a new location approximately five years ago, but retained ownership of the building and leased it out to USA Tile & Marble. Waite and Armstrong also represented the tenant in that lease transaction.
“Considering that Gold Coast was settled in a new location, we figured they would entertain the idea of selling their building, so we approached them about it and they were interested,” said Waite.  “We then identified an institutional investor that owns several other industrial properties in the area to see if they were interested in buying and they were.  We got a little creative and it turned out to be a win-win for both parties.  The challenge in the Miami industrial market is locating the deals that make sense as the capital is eagerly waiting on the sidelines to be placed.”
 

 

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