Miami International Logistics Center sells to Lincoln Property Co. for $27.4M

Terminal warehouse is 88% leased, Cushman says

TRD MIAMI /
Jun.June 16, 2017 02:35 PM

Miami International Logistics Center (Inset: Mike Davis, Michael Lerner, Rick Brugge)

Dallas, Texas-based Lincoln Property Co. has added the Miami International Logistics Center to its portfolio for $27.4 million – more than two times its last sale – Cushman & Wakefield announced Friday. 

The two-story warehouse terminal at 725 Southeast Ninth Court spans 500,194 square feet and sold for about $55 per square foot.

Cushman’s Mike Davis, Rick Brugge, Michael Lerner, Wayne Ramoski, Gian Rodriguez, Robert Given and Troy Ballard represented the seller, Keating Resources, which is led by Gerard Keating. Keating is also selling Tampa’s International Logistics Center, according to the firm’s website.

The warehouse sits on nearly 20 acres and was built in 1960. Property records show Keating Resources bought the building for $11.2 million in 2013.

The logistics terminal is 88 percent occupied, according to Cushman’s release.

About 2 million square feet of warehouse space is under construction in Medley and Doral and will be delivered over the next two years, according to a first quarter report from Colliers International South Florida. Brokers attribute the growing appetite for industrial real estate in the Miami Airport West submarket to increased demand and limited land.

Earlier this week, a nearby trucking terminal warehouse sold for $8.45 million, or $161 per square foot, to Southeastern Freight Lines, a Lexington, South Carolina-based trucking company. Also nearby is Flagler Global Logistics’ massive Flagler Station industrial park.

Lincoln Property Company has communities in 29 states, including New York, New Jersey and California. In 2015, it added a Broward apartment community to its portfolio for $88.6 million. – Amanda Rabines


Related Articles

arrow_forward_ios
Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

arrow_forward_ios