Webster Business Park, an industrial property just west of Miami International Airport, sold for $25 million.
COFE CIX Webster Park LLC, an affiliate of Miami-based COFE Properties, sold the 178,521 square feet of industrial buildings at 7200 N.W. 25th Street to MP Webster Park LLC, an affiliate of Boston-based AEW Capital Management.
The price equated to $140 per square foot.
Webster Business Park was developed on the 7.8-acre site in 1972. It consists of four buildings. The property last sold for $16.6 million in 2016. The industrial occupancy rate has climbed in Miami-Dade County and rents have increased, especially near the airport and its busy cargo operation.