A trucking terminal warehouse near Miami International Airport just sold for $8.45 million to Southeastern Freight Lines, a Lexington, South Carolina-based trucking company.
SEFL bought the two-story, 10,920-square-foot building at 6095 Northwest 72nd Avenue for about $774 per square foot, property records show. H Max and R Valenti Investments, a Coral Gables-based entity, sold the industrial property. It last traded for $1.7 million, or $161 per square foot, in 2000. It was built in 1968.
Last year, SEFL was the 11th largest light trucking load American carrier with a revenue of more than $1 billion, according to the American Journal of Transportation. SEFL CEO William T. Cassels Jr. and William “Tobin” Cassels III, J. R. Burleson Jr. and Edge P. Thomas bought the property under Southeastern Freight Lines, Inc., property records show.
The appetite for industrial real estate is strong in the Miami Airport West submarket due to a “scarce supply of land available to develop commercial product and the increased demand of industrial assets,” according to a first quarter report from Colliers International South Florida. The reports shows about 2 million square feet of warehouse space is under construction in Medley and Doral and will be delivered over the next two years.
The Doral area is busy with development with such projects as Codina Partners’ Downtown Doral, the Related Group and Shoma Homes’ CityPlace Doral and JQ Group of Companies and Optimus Developers’ Midtown Doral in the works.
Recent industrial developments include Flagler Global Logistics’ massive Flagler Station industrial park and Bridge Development Partners’ continuously growing portfolio of warehouse projects in South Florida.
Source: The Real Deal