Industrial Team Inks Record Building Sale in Miami’s Sunshine State Industrial Park

Written by Jacqueline Coleman

June 29, 2021

The ComReal Miami Industrial Team completed a record sale for a building inside the Sunshine State Industrial Park. The building that recently sold is located at 1100 NW 163rd Dr. Miami, FL 33169. This property consists of a +/- 23,331 SF freestanding building on +/- 1.10 acre and was formerly used as a specialized data center, offering heavy power, fully A/C space, three backup generators, and a fully secured facility. The seller, represented by the Industrial Team, was AINA Holdings, LLC, which owned the property for almost 20 years. The buyer is 1100 BM Investments, LLC. The property sold for $3,200,000, $137/SF, which is the highest price per SF sale in the park. This sale is a perfect example of the strong demand for industrial buildings in Miami, as it is hard to find buildings selling for record prices.

The size of this building is ideal for multiple users and unique in this market. These freestanding industrial buildings are nearly impossible to replicate due to the high cost of construction and land shortage, which is why they command high sale prices. Additionally, being inside Sunshine State Industrial Park offers an excellent location with easy access to the Golden Glades interchange to reach Broward and Palm Beach Counties quickly and easily. The industrial park is home to many companies, including Imeca, Quantum Storage Systems, Southern Glazer’s Wine & Spirits, Amazon, PCA, and many others. Businesses in the Park appreciate its features and are usually long-term tenants.

“The building was offered for sale and lease, and we had strong activity, including multiple offers to purchase the property. These offers gave the seller strong options,” said Edison Vasquez, CCIM, with ComReal.

This sale adds to the long list of transactions the Industrial Team has completed inside Sunshine State Industrial Park. Last Summer, the team completed the sale of 1585 NW 163rd ST, a +/- 31,000 SF building on 2.4 acres, for $2,800,000. Two leases at 1120 NW 165th St., and the sale of 16215 NW 15th AVE Miami, FL 33169, +/- 63,683 SF building on 3.15 acres for $6,000,000.

The Industrial Real Estate Market in South Florida continues to be as strong as ever. Limited inventory of buildings keeps pushing prices higher to record numbers. In the first quarter of 2021, the average sale price in Miami-Dade was $161/SF. The market vacancy rate was 4.6%

For more information on the transaction or for other similar buildings in our inventory, contact the Industrial Team at ComReal at 786-433-2380 or evasquez@comreal.com.

 

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