Miami Firm Buys 41-Building Industrial Portfolio
Miami Firm Buys 41-Building Industrial Portfolio
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An affiliate of Boston-based TA Realty sold a 376,016-square-foot industrial portfolio in Hialeah, FL for $32.5 million, or about $86 per square foot.
The 41-building West Hialeah Industrial Portfolio is arranged in two separate clusters: one just west of the Red Road corridor and north of the Hialeah Expressway, and the other west of West 16th Avenue and north of Okeechobee Road. The buyer was an entity tied to CoFe Properties LLC, a Miami-based investment firm.
Industrial investment sales in South Florida are being driven by strong demand and dwindling sites for development, said Douglas K. Mandel, senior managing director of Institutional Property Advisors (IPA), which represented the buyer and seller.
“Industrial is on fire,” Mandel told CoStar News. “West Palm Beach isn’t trading at the same kind of numbers as Miami-Dade, but the market is hot across the region.”
Other industrial listings by Mandel include a 200,000-square-foot portfolio of small-bay warehouses in Miami, a 125,000-square-foot complex in Fort Lauderdale and 50,000 square feet of warehouses in West Palm Beach.
With the Hialeah properties, CoFe will benefit from predictable cash flow, strong rental appreciation and limited exposure to rising costs, Mandel noted.
IPA’s Benjamin Silver worked with Mandel on the sale. IPA is a division of Marcus & Millichap.
Please see CoStar COMPS #4085130 for additional information on this transaction.
