Long an afterthought to the high-rise condos overlooking Biscayne Bay and swanky office buildings in Brickell, industrial has now become the sexiest asset class in Miami.
Institutional investors like Blackstone are scooping up industrial properties across the area, especially near Miami International Airport, due to the rise of e-commerce. While 2019 marked a year of big industrial sales, land and available properties are becoming more constrained, which could mean that 2020 is the year that industrial starts to cool down in South Florida.
Here are South Florida’s largest industrial sales of 2019:
RREEF America buys Hialeah industrial property for $178M. 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.
JV pays $126M for Opa-locka industrial property. A joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park next to Opa-locka Executive Airport for $126 million. The group purchased 948,000 square feet of space, with an additional 1 million square feet of industrial and aviation-related development rights on 47 acres at the AVE Aviation & Commerce Center. CPF Investment Group sold the property.
IDI Logistics sells warehouse portfolio in Miramar for $117M. IDI Logistics sold five warehouses in Miramar for $116.5 million. IDI Logistics sold the properties totaling 14 acres to the San Francisco-based private equity firm Stockbridge Capital Group for about $43,560 per acre, according to CBRE.
Brookfield picks up more industrial properties near MIA for $83M. Brookfield Asset Management’s real estate arm is on a buying spree near Miami International Airport. Brookfield Property Group bought six industrial condos at 3400 Northwest 74th Avenue for $82.9 million from a Delaware company managed by Sebastian Guejman of Aventura.
Blackstone buys industrial portfolio near MIA for $56M. Blackstone bought a huge industrial portfolio next to Miami International Airport for $56 million. The private equity giant bought the three warehouses totaling 367,848 square feet at 3208 Northwest 72nd Avenue and 3108 Northwest 72nd Avenue for $152 per square foot, records show.
SOURCE: TRD analysis of brokerage data, as provided by Colliers International, news clippings and market reports.