Cushman & Wakefield has negotiated the sale of Airport East Distribution Center, a 397,585-square-foot distribution complex in Miami-Dade County.
The Cushman & Wakefield team of Wayne Ramoski, Mike Davis, Gian Rodriguez, Rick Brugge and Michael Lerner represented Miami-based Equitable Real Estate Partners in the disposition. The asset was acquired by CenterPoint Properties for $22.96 million ($58 per square foot).
Airport East Distribution Center is a three-building industrial campus featuring concrete block construction, 18- to 22-foot clear heights, sizeable truck courts and exterior storage. The campus is situated on an ±18-acre site providing ample space for parking and staging. The complex was 76 percent leased at the time of sale.
Airport East Distribution Center is located at 7000 NW 32nd Avenue, strategically positioned near Miami International Airport and PortMiami in the East Hialeah submarket.
“Airport East Distribution Center is attractive to both occupiers and investors who recognize the value that the Airport East submarket provides due to its proximity to ports and population centers,” said Ramoski.
Added Davis, “This asset will provide strong cash flows with upside potential in one of the nation’s most highly sought after industrial markets.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com
