Miami-Area Warehouse Park Sells for $198M
A warehouse park in the Miami suburb of Sweetwater has sold for $198 million, a price that reflects soaring demand for distribution space.
Principal Real Estate Investors of Des Moines, Iowa, sold five buildings totaling 700,000 square feet of space to LBA Realty of Irvine, Calif., according to a deed. The price works out to $282 per square foot.
The Dolphin Commerce Center addresses — 11190, 11200, 11250, 11350 and 11690 NW 25th Street — are in the Beacon Tradeport East subdivision, according to property records.
The buildings went up in the late 1990s to meet burgeoning demand for distribution space west of Miami International Airport. The property last sold in 2004, trading for $45 million, according to property records.
LBA Realty also assumed a $50 million mortgage held by Northwest Mutual Insurance Company, according to public records. LBA Realty’s LBA Logistics has a national portfolio of industrial properties, including South Florida warehouse space in Hialeah, Hialeah Gardens and Miramar, according to the company’s website.
Miami’s distribution market is attracting keen interest from institutional investors. Last month, TA Realty paid $241 million for a 1.06 million-square-foot industrial property in the Miami suburb of Medley.
Jeff Ostrowski can be reached at email@example.com.