August 21, 2019
CBRE has arranged the $116.5-million sale of the Miramar Industrial Portfolio, a 607,223-square-foot, five-building industrial portfolio in Miramar. The property features rear-load configurations, ample dock loading, clear span heights ranging 18 feet to 32 feet, and truck courts ranging 75 feet to 190 feet deep.
Chris Riley, Christian Lee and José Lobón of CBRE represented the sellers, IDI Logistics and institutional investors advised by J.P. Morgan Asset Management, in the transaction. The fully-leased portfolio was acquired by San Francisco-based investment management company Stockbridge.
“The market fundamentals in South Florida are tremendously robust. The South Florida industrial market absorbed 36.9 MSF over the last five years, nearly doubling the 22.3 MSF of new deliveries over the same timeframe,” said Lobón, executive vice president at CBRE. “This ratio is even more impressive in Broward County, where absorption of 15.6 MSF has almost tripled the 6.9 MSF of the new deliveries.”
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