Cushman & Wakefield Represented Keating Resources in the Disposition of the ±506,000-Square-Foot Warehouse and Distribution Facility and Prime Redevelopment Opportunity
MIAMI, June 16, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Miami International Logistics Center, a ±506,000-square-foot warehouse and distribution facility and prime infill redevelopment opportunity in Hialeah, FL.
Executive Managing Director Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner, in conjunction with the South Florida Industrial Brokerage Team of Executive Director Wayne Ramoski and Director Gian Rodriguez and the Florida Multifamily Brokerage Team of Vice Chairman Robert Given and Senior Managing Director Troy Ballard, represented Keating Resources in the disposition. Dallas-based Lincoln Property Company acquired the asset for $27.38 million.
Miami International Logistics Center is a 506,300-square-foot distribution and warehouse facility developed in 1960 on a ±20.6-acre site at 725 Southeast 9th Court. The building was 88 percent leased at the time of sale.
The site is ideally located in the heart of Central Miami, one-half mile northeast of Miami International Airport and a short drive from PortMiami. This location provides exceptional access to regional land trade routes via Interstate 95, Interstate 75, Florida’s Turnpike, Airport Expressway, Dolphin Expressway, Palmetto Expressway and Ronald Reagan Turnpike.
“The site is well positioned for the execution of a near-term redevelopment or mid-term hold due to the in-place cash flow,” said Davis.
“Redevelopment has strong support from the local government and has received multiple approvals, designations and offers for incentives related to future redevelopment and job creation,” added Ramoski.
“The sale of Miami International Logistics Center reflects the incredible growing interest in Hialeah,” said Given. “I think this submarket will be one of Miami’s high-growth markets.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.