Cold Storage Space in Miami-Dade County Sells for $59M

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A Boston investor paid $59 million for 304,408 square feet of industrial space near Miami-Dade County’s Golden Glades interchange, CBRE announced.

Longpoint Realty Partners, a private equity firm, bought Aventura Industrial Center from Stockbridge Capital Group. The portfolio was 64 percent leased at the time of sale.

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Aventura Industrial Center features two warehouse buildings located at 555 Northeast 185th Street and 320 Northeast 187th Street. The location is near the Golden Glades interchange, the intersection of Interstate 95, Florida’s Turnpike and State Road 826.

The property has 110,850 square feet of vacant space available for lease, including 98,911 square feet of cooler/freezer space that CBRE describes as ideal for pharmaceutical companies, flower importers and food distributors servicing the cruise lines at Port Miami and Port Everglades.

Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller. Longpoint and Stockbridge did not immediately respond to requests for comment.

CBRE Research says South Florida has one of the tightest industrial markets in the nation. Cooler/freezer space is especially scarce, with just 42,000 square feet of refrigerated distribution space available.

Longpoint has been on a South Florida shopping spree, paying $12 million this month for cold storage space near Miami International Airport and $17 million in October for three warehouses in Sunrise.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.