The Miami Industrial Trade Center, a four-building warehouse complex in Medley, was just sold by a Boston-based asset management company for $17.25 million.
TA Realty, a real estate investment advisor with roughly 91 million square feet of commercial space under its control, was the seller for this deal, according to Miami-Dade County records.
The firm paid $11.25 million for the warehouses at 8455 Northwest 74th Street in 2005. They were built in 1996 on 7.3 acres of land and have a total of 154,560 square feet of industrial space.
The deal at that time worked out to roughly $73 per square foot. Now, TA has sold the warehouses for approximately $112 per square foot. The buyer is an affiliate of Terreno Realty, an industrial real estate firm that’s headquartered in San Francisco.
Terreno owns 141 buildings totaling 10.6 million square feet of industrial space across the United States, according to its website.
Also in Medley, Chicago-based real estate investment trust Ridge Property Trust paid $5.3 million for vacant land in July to develop the property into a 180,000-square-foot spec distribution warehouse.