The Real Deal Miami

Doral’s International Corporate Park industrial center sells for $46.6 million

By Alexander Britell | May 09, 2012 06:00PM

International Corporate Park

The International Corporate Park industrial portfolio in Doral has sold for $46.6 million, according to CBRE Group.  CBRE’s Christian Lee, who represented the seller along with team members Charles Foschini, Chris Riley, Christopher Apone and Brian Budnick, said he could not identify the identity of the seller. But according to information from Miami-Dade County Property Appraiser’s office, the sellers were Boston-based Eaton Vance Management and  California-based Prologis.

The buyer was Prudential Financial, according to Chris Spear, an industrial associate with ComReal.

The complex  consists of three industrial buildings, located at 9825 NW 17th Street, 1530 NW 98th Street, and 9835 NW 14th Street.

At the time of closing, each of the three buildings in the industrial park were 100-percent occupied by two tenants on long-term leases.

The deal “speaks well for the capital markets in general and the industrial market here in Miami-Dade County,” said Lee. “The industrial market here is one of the top three or four markets for the most serious investors and buyers from around the country.”

Prudential could not be reached for comment.

The property first hit the market in March of this year. It was originally part of the Keystone Property Trust,which was acquired by Prologis and Eaton in 2004.

According to a recent report from ComReal, Miami’s industrial sector has continued to strengthen, particularly on the leasing side, with a vacancy that fell fallen to 7.5 percent in the first quarter of 2012.

“We are at rent levels and capital-market return expectations right now that are capable of supporting new highs in pricing,” Lee told The Real Deal. “I think that you’re going to see a lot more transactions at or around this level.”

“The market is still very strong, and over the last two years we’ve seen a lot of buying and selling between the institutions — institutions still favor Miami,” Spear said. “Miami’s going to be a strong market going forward, no matter what the rest of the region or country does.”