RREEF America buys Hialeah industrial property for $178M

Centergate at Gratigny totals 1.6M sf

Miami /
Aug.August 26, 2019 11:30 AM
RREEF Property Trust’s CEO W. Todd Henderson and Centergate at Gratigny

RREEF Property Trust’s CEO W. Todd Henderson and Centergate at Gratigny

An affiliate of Deutsche Bank bought the Centergate at Gratigny in Hialeah for $178 million, marking South Florida’s largest industrial sale of the year to date.

RREEF America bought the three-building property at 5801 and 6301 East 10th Avenue from Newark, New Jersey-based PGIM, records show.

Centergate at Gratigny totals 1.6 million square feet and has two newly constructed distribution buildings totaling 602,657 square feet, along with a 978,164-square-foot-warehouse.

The first phase of the project, the 978,164-square-foot-warehouse, was built in 1999. The warehouse last sold for $78 million in 2015.

The second phase, the two 602,657-square-foot distribution buildings, were built in 2016.

CBRE Capital Markets team of Chris Riley, Christian Lee, and José Lobón represented the seller in the deal.

The property is anchored by Bullet Line, a supplier of low-price promotional products. Other tenants include Carnival Cruise Lines and Veritiv, a business-to-business distributor of packaging, print and publishing products.

The deal shows continued strong demand for South Florida’s industrial properties by institutional investors. The market has remained one of the area’s strongest performing asset classes due to the rise of e-commerce.

In Miami Dade-County, vacancy rates held steady at 4 percent in the second quarter compared to the same period of 2018, even amid 725,000 square feet of newly completed construction, according to a Colliers International South Florida report.


Related Articles

arrow_forward_ios
CenterPoint Properties CEO Bob Chapman and 4040 W 108th St, Hialeah, FL. (Google Maps, GI Partners)

CenterPoint pays $184M for warehouses at Hialeah business park

CenterPoint pays $184M for warehouses at Hialeah business park
Kolleen OP Cobb and Countyline Corporate Park Building 26 (FECI)

FECI scores construction loan for Hialeah business park

FECI scores construction loan for Hialeah business park
TA Realty Managing Partner James Buckingham and (clockwise from top left) 1604 West 31st Place, 2440 West 8th Court and 2500 West 84th Street (Google Maps)

TA Realty buys back industrial property in Hialeah as part of $52M deal

TA Realty buys back industrial property in Hialeah as part of $52M deal
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)

South Florida’s biggest real estate stories of 2020

South Florida’s biggest real estate stories of 2020
Renderings of Motorsport Network, CocoWalk and the Prologis building

Lease roundup: Motorsport Network to relocate to Magic City and more

Lease roundup: Motorsport Network to relocate to Magic City and more
PGIM Real Estate CEO Eric Adler (left) and Bridge CEO Steve Poulos with a rendering of the cold storage facility  (Photos via PGIM; Bridge; Ware Malcolm)

JV developing Hialeah spec cold storage facility lands $67M construction loan

JV developing Hialeah spec cold storage facility lands $67M construction loan
Mayor Bud Scholl and EverWest CEO Rick Stone with 1101 East 33rd Street, Hialeah (City of Sunny Isles Beach, EverWest)

Sunny Isles mayor sells Hialeah warehouse for $13M

Sunny Isles mayor sells Hialeah warehouse for $13M
Seritage CEO Benjamin Schall, CTO CEO John Albright, and 1460 West 49th Street, Hialeah (Credit: Google Maps)

Seritage sells Hialeah shopping center for $21M

Seritage sells Hialeah shopping center for $21M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...