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Realterm Logistics pays $15M for Miami warehouse
Annapolis, Maryland-based firm paid $287 a square foot
Realterm Logistics picked up a fully leased industrial facility near Miami International Airport for $14.7 million.
An entity managed by executives of the Annapolis, Maryland-based firm bought the 4.4 acre site at 7480 Northwest 48th Street, according to records. Realterm, headed by CEO Robert Fordi, paid $287 a square foot for the 51,392-square-foot industrial facility, built in 1997.
The warehouse is leased to Ferguson Enterprises, a distributor of plumbing supplies.
The seller was ADJ Properties, a Cutler Bay, Florida-based commercial real estate firm managed by David Janney, records show. ADJ paid $3.6 million In 2001 for the property, which is in Miami’s Airport West submarket.
Cushman & Wakefield’s Wayne Ramoski and Miguel Aclivar represented the seller.
Realterm’s parent manages more than $4 billion of industrial and logistics real estate in North America, Europe and India, according to the company’s website. Realterm bought a Fort Lauderdale industrial facility used by major local events including the international boat show in May for $28.6 million.
The firm also owns a cold storage facility in Opa-Locka that it bought for $26 million in 2020 and a Boca Raton warehouse leased to Federal Express that it bought for $16 million in 2017.
South Florida industrial properties have attracted interest from institutional investors throughout the pandemic. It’s a result of demand outpacing deliveries, according to a JLL third quarter report. In Airport West, the vacancy rate hit 4 percent in the third quarter, while Miami-Dade’s overall vacancy rate was 3 percent, according to JLL.
Tightening supply has contributed to a 22 percent increase in prices for industrial assets, according to a third quarter report by Avision Young.
Seagis Property Group recently paid a combined $28.6 million for two Doral industrial properties. This month, Prologis bought a Medley warehouse for $22.6 million and a joint venture between New York-based firms Banner Property Group and Apollo Global Management acquired two freezer facilities in northeast Miami-Dade for a combined $74 million.