The theme of tariffs influencing increased import activity at United States-based retail container ports, coupled with rising retail sales, remains fully intact with according to the Port Tracker report, which was just released by the National Retail Federation (NRF) and maritime consultancy Hackett Associates.
As retailers need to deliver goods even faster and logistics companies struggle to run that last mile, access to flexible on-demand space in warehouses is a growing trend.
Webster Business Park, an industrial property just west of Miami International Airport, sold for $25 million.
COFE CIX Webster Park LLC, an affiliate of Miami-based COFE Properties, sold the 178,521 square feet of industrial buildings at 7200 N.W. 25th Street to MP Webster Park LLC, an affiliate of Boston-based AEW Capital Management.
Aerial of the park at 7200 Northwest 25th Street
Miami
The price equated to $140 per square foot.
Webster Business Park was developed on the 7.8-acre site in 1972. It consists of four buildings. The property last sold for $16.6 million in 2016. The industrial occupancy rate has climbed in Miami-Dade County and rents have increased, especially near the airport and its busy cargo operation.
Source: SFBJ
