The Real Deal Miami

Bristol Group sells Amazon warehouse for $24M

A company tied to Dalfen Industrial bought the Miami Gardens warehouse for $116 per square foot
By Keith Larsen | February 14, 2019 02:00PM

Bristol Group’s Managing Partner James J. Curtis III and 15600 Northwest 15 Avenue (Credit: Google Maps and YouTube)

The Bristol Group sold a Miami Gardens warehouse leased to Amazon for $24 million.

The San Francisco-based company sold the 205,548-square-foot-industrial property at 15600 Northwest 15 Avenue to an affiliate of Dallas-baed Dalfen Industrial for $116 per square foot, records show. Dalfen secured a $16 million loan from Bank of America to finance the acquisition.

E-commerce giant Amazon signed a five-year and two-month lease at the property, beginning in August 2016, according to records.

The property was built in 1967. It last sold for $4.4 million in 2002.

Industrial properties are hot commodities in South Florida. In Miami-Dade County, a total of 6.4 million square feet of industrial space was sold in 2018, an increase of about 2 million square feet over the previous year. The combined dollar value of all industrial sales in 2018 totaled $621 million, roughly $203 million more than the previous year.

Amazon announced on Thursday it would not open a second headquarters in Long Island City amid a backlash from local politicians.