Biotechnology company pays $12M for 12-acre industrial property

Thermo Fisher Scientific Corp just paid $12 million for a 12-acre industrial property in northern Miami-Dade County that houses a manufacturing facility formerly owned by Becton Dickinson & Co.

Thermo Fisher Scientific bought the property at 100 Northwest 176 Street after it completed an acquisition last week of the Advanced Bioprocessing business of Becton Dickinson for $477 million in cash.

The three buildings on the site total 253,418 square feet. The property is located just off I-95 and close to North Miami Beach.

Becton Dickinson & Co. is a multibillion-dollar medical device company based in Franklin Lakes, New Jersey. The company sells medical devices, instrument systems, and reagents. The division it just sold has annualized revenue of about $100 million, with 160 employees at manufacturing locations in Miami and Detroit.

Thermo Fisher Scientific, a biotechnology company based in Waltham, Massachusetts, has more than $20 billion in annual revenue and about 70,000 employees globally, according to its website.

Developers and investors are increasingly seeing South Florida’s industrial market as a strong investment opportunity due to e-commerce, the area’s lack of available land and growing population, according to the report by Colliers International South Florida.

Over the past five years, average prices per square foot for warehouse buildings in South Florida have increased by 65 percent, according to Colliers.