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South Florida

Miramar warehouse sells at 21% discount to 2015 price

Gramercy Property Trust paid $11 million for the warehouse, which the seller bought for $13.92 million

2650 Southwest 145th Avenue in Miramar (Credit: Yelp.com)
2650 Southwest 145th Avenue in Miramar (Credit: Yelp.com)

New York City-based Gramercy Property Trust bought a warehouse in Miramar at a 21 percent discount from its sale price in 2015.

An affiliate of Gramercy paid $11 million, or $137 per square foot, for the 80,260-square-foot warehouse at 2650 Southwest 145th Avenue in Miramar. The warehouse is occupied by Parbel of Florida, a perfume company.

The seller of the warehouse was EP Miramar LLC, an affiliate of Easterly Government Properties of Washington, D.C., a  real estate investment trust that leases commercial buildings to the U.S. government.

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An affiliate of Easterly bought the warehouse in 2015 for $13.92 million, or $173 per square foot.

Gramercy, a publicly traded New York Stock Exchange company, has acquired other South Florida properties in the last 12 months, including the Opa Locka Hialeah Flea Market for $80 million and a warehouse in Medley for $18 million. [South Florida Business Journal] — Mike Seemuth

 

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Industrial Real Estate MarketReal Estate Trusts