TA Realty just sold three warehouses in Miami Gardens and near Hialeah for $21.35 million to RREEF Property Trust, an arm of Deutsche Bank asset management.
The industrial portfolio spans 290,000 square feet, meaning the deal breaks down to nearly $75 per square foot. Records show TA Realty spent a total of about $17.6 million acquiring the sites in 2007 and 2008 through an affiliate company, the Realty Associates Fund VIII.
Of the warehouse portfolio, the Palmetto Lakes Distribution facility in Miami Gardens is the largest, spanning about 176,000 square feet at 5255 Northwest 159th Street. It’s currently leased to the distribution company Dependable Packaging Solutions. Records show it was built in 1974.
The other two neighboring warehouses at 3510 Northwest 60th Street and 5959 Northwest 35th Avenue span about 54,000 square feet, each. The warehouse at 3510 Northwest 60th Street is leased to an an automobile parts business, while the other is leased to a transportation logistics company called C-Air Brokers & Forwarders. The warehouses were completed in 1961 and 1962, respectively, records show.
Older warehouse portfolios in South Florida have been increasingly trading, thanks to the market’s dwindling supply of land and the increasing cost to build new warehouses.
TA Realty, a Boston-based asset manager, has been busy selling off its assets. Just this week it sold a four-story office building in Plantation for $18.5 million to the Green Companies. In January, it sold a portfolio of warehouses in Hialeah for $32.5 million.
RREEF, a publicly traded real estate investment trust, has also been active in South Florida. Earlier this month it purchased a 400-unit mixed-use apartment complex, Gables Aventura for $149 million. Last fall, it sold a Publix-anchored shopping center in northwest Miami-Dade for about $34 million. Deutsche Bank asset management had roughly $789 billion of assets under management as of the end of March.
Source: The Real Deal