Liberty Property Trust has acquired 126 acres in Miami to develop an industrial park, in a deal closed last week.
The 1.6 million-square-foot facility, dubbed Miami International Tradeport, could add $135 million in value to the county’s tax base. The transaction was brokered by CB Richard Ellis.
The land is located just south of Okeechobee Road fronting Florida’s Turnpike. Butters Construction & Development will oversee construction of the new park on the site, which had been owned by cement and concrete firm Tarmac America.
“This acquisition marks our entrance into Miami-Dade County,” said Andy Petry, vice president and city manager for Liberty. “We feel there is a tremendous opportunity for well-designed and well-located industrial product in Miami-Dade County.”
Christian Lee and Chris Riley led the transaction for CBRE. The deal is one of the largest industrial transactions since the beginning of the downturn — Alexander Britell