CBRE Capital Markets Arranges $82 Million Sale of 301,988 SF Industrial Portfolio in Miami

CBRE has arranged the sale of a six-building, 301,988-sq.-ft. last-mile industrial portfolio, America’s Gateway Park, in Doral, Florida. Longpoint Partners, a Boston-based private equity firm purchased the portfolio for $82,250,000.

José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento with CBRE National Partners represented the seller, Terreno Realty Corporation, in the transaction.

The portfolio consists of six individual buildings located at 8901 NW 20th Street, 2011 NW 89th Place, 8940 NW 24th Terrace, 8933 NW 23rd Street, 1400 NW 89th Avenue and 1401 NW 89th Court. All six assets are in the Airport West Submarket, one of the largest industrial hubs in the region. The portfolio has proximate access to the Florida Turnpike and the Miami International Airport Cargo Hub.

The buildings feature market-driven design specifications and recent renovations totaling nearly $4 million across the portfolio. The buildings range in size between 32,990 sq. ft. and 64,774 sq. ft. and feature rear-load configuration, 20-foot clear height, truck courts ranging from 70 to 115 feet deep, 22% office finishes, ample one space per 1,000 square feet of car parking. The portfolio was 91% occupied at the time of sale with 21 tenants.