CBRE Capital Markets Arranges Sale of 156,200 SF Last-Mile Industrial Portfolio in Miami

CBRE has arranged the sale of a four-building industrial portfolio totaling 156,200 square feet in Miami, Florida. Irvine, California-based CIP Real Estate purchased the property.

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

The portfolio consists of two separate industrial parks, each featuring two dock-high front-load small bay warehouses. Airport Industrial Center is 82,600 sq. ft. and is located at 5055-5065 NW 74th Ave. in Miami, Florida. I-75 Business Park is 73,600 sq. ft. and is located at 2500-2540 W 84th St. in Hialeah, Florida.

The buildings’ market-driven design specifications are tailored to the target small tenant audience, including 4,943-sq.-ft. tenant size, 5% to 10% overall office finishes, 18-to 20-foot clear span heights, truck courts ranging from 135 to 150 feet deep (shared) and ample 1.4 spaces per 1,000 square feet of car parking. The portfolio was 86% occupied at the time of sale with 25 diverse tenants including home design and improvement, logistics and food & beverage companies.

Both assets are located less than 1.5 miles from the Palmetto Expressway (SR 826), affording the portfolio with excellent connectivity to Miami’s broader key logistical infrastructure including Interstate 75, the Gratigny Expressway, the Dolphin Expressway (SR 836) and Miami International Airport.