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Duke Realty Pays $34M To Add To Its Warehouse Portfolio

Duke Realty just paid $34.4 to Florida East Coast Industries to buy another warehouse at one of Miami-Dade County’s largest industrial parks.

Duke bought the 208,000-square-foot facility at Countyline Corporate Park at 3840 West 104th Street in Hialeah for $165 per square foot, property records show. In July, Duke bought three other warehouses at the industrial park for $180 million, where it also signed a contract to purchase the fourth building.

The project, which began construction in 2016, will total more than 8 million square feet.

FECI, the parent company of the passenger rail service Brightline, assembled the 95-acre site in 2005 for a combined $38.3 million.

The park’s largest tenant is KLX Aerospace Solutions, which is using one of the buildings as its headquarters. Other tenants include CGI Windows, which has a 325,000-square-foot lease at the park.

Hialeah is among the top industrial submarkets in Miami-Dade. Commercial sales activity totaled $217.1 million in 2017, up from $83.6 million in 2016, according to Real Capital Analytics.

 

Source:  The Real Deal

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