After several years of strong absorption in leasing and robust sales volume, there’s no question that Miami’s industrial real estate market is the desired location for national tenants and institutional investors alike.
But many insiders are questioning if sustaining that level of growth is possible and if there are still profitable transactions to be found.
Photo By J. Patrick Fischer – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=20006218
One of Brazil’s wealthiest families just paid $22.75 million for the leasehold interest in an industrial property near Miami International Airport.
IStar sold the 212,000-square-foot property at 3630 Northwest 25th Street, 3500 Northwest 24th Street and 2401 Northwest 36th Avenue to the Dayan family, which has a controlling interest in Bazilian-based Banco Daycoval S.A. The family paid about $107 per foot for the leasehold interest, according to a press release.