A lack of new industrial development to meet demand is placing a premium on existing product, prompting many users to consider purchasing to control and predict occupancy costs.
Transwestern Executive Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse and Vice President Carlos Gaviria represented the seller in the $3,015,000 sale of of a 17,223-square-foot industrial building at 7760 NW 56th St. in Doral. Jacog Advisors’ Francisco Giron represented the buyer in the transaction.
“The property received intense interest due to its air-conditioned warehouse, newly renovated office space, and superior downtown Doral location that offers immediate access to both the Palmetto Expressway and Miami International Airport,” said Gaviria. “The building went under contract at full asking price within a week of hitting the market, which demonstrates the strong demand for this type of industrial product, and the desire to own versus rent in an extremely tight market.”
According to Transwestern research, Miami International Airport’s freight traffic reached its highest reported level in 2020, at more than 2.3 million U.S. tons, an increase of more than 2.5% from 2019. Benefitting from this activity, Miami’s industrial leasing activity rebounded by the end of 2020 to mirror recent historical trends.
Earlier this year, Transwestern negotiated a record-setting price for a vacant industrial property in Hialeah. The 122,000-square-foot asset sold for $11.6 million, or $95 per square foot.