Here are South Florida’s largest industrial sales of 2019

RREEF America’s purchase of Centergate at Gratigny in Hialeah marked the largest sale

TRD MIAMI /
Dec.December 27, 2019 08:45 AM
Clockwise from top left: 3400 Northwest 74th Avenue, the Opa-locka industrial property and Centergate at Gratigny (Credit: Google Maps)

Clockwise from top left: 3400 Northwest 74th Avenue, the Opa-locka industrial property and Centergate at Gratigny (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sells Fort Lauderdale industrial buildings

TRD South Florida’s Winter 2020

TRD South Florida’s Winter 2020 issue is live to subscribers!

(Credit: Getty Images)

South Florida’s top real estate news of 2019

From left: MiamiCentral, 800 Brickell, Offices at Doral Square

Here are South Florida’s largest office sales of 2019

5601 Northwest 72nd Avenue (Credit: Google Maps)

These were South Florida’s biggest industrial leases of 2019

From left: Doral View at 901 Northwest 97th Avenue, 11801 Pembroke Road and 1721 17th Street

Here are South Florida’s top multifamily deals of 2019

Michael Shvo Howard Wurzak and Michael Dell (Credit: Getty Images, iStock)

These were the top South Florida hotel sales of 2019

There were plenty of offices leased in 2019 (Credit: iStock)

South Florida’s biggest office leases of 2019

arrow_forward_ios
Loading...