Northwood Buys Miami Distribution Center for $47M
The deal was part of a $160M portfolio sale
By Julia Echikson October 3, 2024 1:45 pm
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Northwood Investors paid $46.5 million for a warehouse near the Miami International Mall as part of a $160 million logistics distribution portfolio sale in the Sun Belt.
The 201,827-square-foot distribution center sits across 12 acres at 10000 NW 15th Terrace, just east of the 447,359-square-foot indoor mall, near the Dolphin Expressway, in Doral, the western outskirts of Miami-Dade County.
The building serves, at least in part, as the headquarters for Monat Global, a multilevel marketing company that sells hair care, skin care, and wellness products.
The seller, UBS Realty Advisors, purchased the property for $26 million in 2012, about a decade after its completion, according to property records.
The transaction was one of three warehouse sales in a deal totaling $160 million. The 1.8 million-square-foot portfolio, which counts distribution centers in Baytown, Texas, and Braselton, Ga., is fully leased, according to JLL (JLL), whose Britton Burdette, Trent Agnew and Luis Castillo represented the California-based seller.
Apollo Global Management, through Athene Annuity and Life Company, provided a $97 million mortgage to finance the portfolio trade, according to filings to Miami-Dade County. Bobby Norwood, also from JLL, secured the financing.
Representatives for Northwood Investors and UBS Realty Advisors did not immediately provide comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
