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COFE Properties Sells Miami-Dade Industrial Portfolio For $52M

Miami-based COFE Properties sold its industrial portfolio in Hialeah for a combined $52 million.

The buyer was a fund managed by Boston-based TA Realty, which previously owned most of this property.

In the bigger deal, COFE CIX West Hialeah LLC sold 41 parcels with small-bay and midsize warehouses to the Realty Associates Fund XII Portfolio, managed by TA Realty, for $40.21 million. The buildings total about 373,000 square feet, so the price equated to $108 a square foot.

The 41 parcels in the deal are in various locations between West 33rd Place and West 28th Street, including along West 16th Avenue. The largest warehouse is at 1600 W. 31st Place.

This portfolio last traded for $32.5 million in 2017, when COFE Properties bought it from the Realty Associates Fund VIII, managed by TA Realty.

In the other deal, COFE 2500 Park LLC sold the 72,980-square-foot warehouse at 2500 W. 84th St. to the Realty Associates Fund XII Portfolio for $11.78 million. The price equated to $161 a square foot.

This warehouse was built on the 3.6-acre site along Interstate 75 in 2002. It last sold for $7.33 million in 2018.

The rising value of industrial buildings reflects the strong demand for space in South Florida, especially from e-commerce companies.

 

Source: SFBJ

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