CBRE arranged the $19.5 million sale of the Tire Group International (TGI) Distribution Center, a single-tenant distribution building in Miami’s Airport West Submarket.
Located at 7500 Northwest 35th Terrace, the property was sold by TDH Realty. CBRE’s David J. Wigoda, Sean R. Kelly and Devin B. White represented the seller in the transaction.
“The property received wide interest from the investor community due to its long-term guaranteed cash flow and strategic airport adjacent location,” said Wigoda, Senior Vice President at CBRE.
The tenant, TGI, established their headquarters at the property in 2007 and currently services North America, Latin America and the Caribbean. The 179,972-square-foot, high quality distribution center was completed in 1980 and was substantially renovated in 2006 and 2015. It features 26’ clear span heights, an entirely new ESFR fire sprinkler system, up to 175’ truck court depths.
The Miami Airport Industrial Submarket, one of Florida’s most coveted industrial locations, currently has only 3.5 percent vacancy. Four major South Florida highways are located within just 5 miles of the property, and the Miami International Airport and Port of Miami’s cargo terminals are just 1.5 and 11.8 miles from the distribution center, respectively. Additionally, more than 4.5 million people live within a 1-hour drive of the property.