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Lithia Motors pays $29M for Doral industrial building
Medford, Oregon-based automotive company acquired 145K sf facility
A national automotive company picked up a Doral industrial building near car dealerships that it acquired over the summer.
An entity led by executives with Lithia Motors, including the Medford, Oregon-based firm’s CEO Bryan DeBoer, paid $28.5 million for the 145,000-square-foot facility at 9300 Northwest 13th Street, records show.
The seller, an entity with the same address as New York-based Highbrook Investment Management, paid $18 million for the 8.3-acre property in June of last year, records show.
In a July $24 million deal, Lithia acquired Esserman Acura and Esserman Volkswagen, two car dealerships on a 4.6-acre site at 10455 Northwest 12th Street in Doral. The same month, Lithia also bought Doral Hyundai, Doral Genesis and Doral Kia at 10285 Northwest 12th Street and 10155 Northwest 12th Street for a combined $33.3 million.
It’s an opportunistic time to become an industrial landlord in Miami-Dade County, as an inventory crunch is driving up rents amid strong tenant demand. In the third quarter, tenants paid an average asking rent of $14.35 a square foot in Miami-Dade, a dramatic increase compared to $8.84 per square foot during the same period of last year, according to JLL.
Miami-Dade’s vacancy rate dipped to a record low of 1.8 percent in the third quarter, compared to 4.5 percent during the same period of last year, the report states. The county’s industrial market also absorbed more than 600,000 square feet of new warehouse space in the third quarter.
This month, Miami Beach-based real estate investor Laurent Groll bought a pair of adjacent industrial buildings in Doral for $18.1 million.
In September, Truist Securities paid $59.4 million for a 178,000-square-foot warehouse in Medley. The seller, Coral Gables-based national food distributor Quirch Foods, will continue leasing the cold storage facility.
The same month, Doral-based industrial development and investment firm The Easton Group bought a 76,000-square-foot warehouse in northwest Miami-Dade for $14.3 million.