CBRE Arranges Sale of 29,000-SF Vacant Warehouse in Miami Gardens

CBRE has facilitated the sale of a 28,858-square-foot industrial property in Miami Gardens, Fla. The property sold for $6.85 million, a price of $237 per rentable square foot, setting a record for the area.

Benjamin H. Silver and Sebastian Misiewicz of CBRE represented the seller, a local private investor, and sourced the buyer, also a local private investor, in an all-cash transaction.

Located on 2.53 acres at 16725 NW 20th Avenue, the warehouse space features 20-foot clearance height, two dock-height doors, and two roll-up doors. The property is currently vacant, and the buyer plans to occupy it for his business with the flexibility to add more square footage to the site in the future.

“The sale included excess land for additional development, which is unique in this land-constrained market,” said CBRE's Silver. “This excess land combined with the proximity and exposure to the Palmetto Expressway allowed us to price the asset at a premium and find the perfect buyer within hours of going to market.”

The location provides great connectivity via Interstate 95, Interstate 75, Florida’s Turnpike, and Golden Glades Interchange.

According to CBRE Research, warehouse and distribution centers in Miami have a vacancy rate of 3 percent.