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.

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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.

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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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.

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