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Gramercy Property Trust Buys Warehouse In Miami For $8M

An affiliate of Gramercy Property Trust paid $8.15 million for a warehouse near Miami Dade College’s north campus.

Records show LFJT LLC sold the 123,125-square-foot building at 11150 Northwest 32nd Avenue, which is northeast of Hialeah and south of Opa-Locka.

GPT NW 32ND Avenue Owner LLC, a company tied to Gramercy, is the buyer. National Auto Parts is based at the warehouse, which was built in 1970 and sits on a 4-acre site. Property records show the seller, a Miami-based company, paid $5.7 million for the building in 2005. The tenant, also known as National Performance Warehouse, sells traditional and performance parts for cars and trucks.

The industrial market in Miami-Dade, especially, continues to tighten as vacancies drop and rental rates gradually climb. During the first quarter of this year, rental rates averaged $8.95 per square foot, a $0.50 increase from the last quarter. Those rates are the highest asking rents since 2008, Avison Young reported.

Earlier this month, Gramercy dropped $25.5 million on the Sun Sentinel’s printing press. The New York-based commercial real estate investor and asset manager focuses on single-tenant, net-leased industrial and office properties in the U.S. and Europe, according to its website.

Lawrence M. Pacey signed the deed transfer of ownership on behalf of the seller.


Source: The Real Deal