TA Realty Buys Doral Warehouse for $26M After $10M Price Jump
By Julia Echikson January 8, 2024 12:41 pm
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TA Realty bought a warehouse in Miami-Dade County for $26.4 million — marking a two-thirds jump in value in just three years, property records show.
The industrial building spans 108,386 square feet on 6 acres at 1910 NW 97th Avenue in Doral, Fla., about a mile north of the Dolphin Expressway. The property, which features 66 parking spots and 21 exterior dock doors, was completed in 2004
The sale equates to about $243 a square foot. Proximity Studios, a division of Warners Brothers, is currently the only tenant, having finalized a lease agreement in 2022, according to the deed. But JLL appears to be shopping around the entire property for a sublease, with asking rents of $8.75 a square foot.
The seller, GLP Capital Partners, purchased the building for $16.2 million in 2020.
Representatives for TA Realty, one of the largest industrial investors in the country, could not be reached for comment, while a spokesperson for GLP declined to comment.
Despite interest rate hikes, the Miami industrial market has remained active in recent months.
Last week, the real estate investment arm of The Church of Jesus Christ of Latter-day Saints paid $174 million for an industrial park in Hialeah. In December, Longpoint bought a 25-building portfolio across Miami-Dade and Broward counties for $260 million, which was South Florida’s priciest industrial sale in 2023 in gross terms.
Julia Echikson can be reached at jechikson@commercialobserver.com.
