California Firm Sells Doral Warehouse For $17 Million

The Goodman North America warehouse in Doral sold for $17.26 million.

Goodman Doral 88th Court LLC, an affiliate of Irvine, California-based industrial firm Goodman North America, sold the 111,529-square-foot warehouse at 2100 N.W. 88th Court to Century Properties 2100 Doral LLC, managed by Ariel Chavez in Doral. Citibank provided a $17 million mortgage to the buyer with a 10-year maturity. The price equated to $155 per square foot.

The property last sold for $4.8 million in 2015, so it more than tripled in value. That’s a reflection of the surge in industrial rents in Miami-Dade County in recent years.

The warehouse was built on the 4.7-acre site in 1984. It’s located in America’s Gateway Park, not far from Miami International Airport.

According to the second quarter report from Colliers, the industrial vacancy rate in Miami-Dade County was 4.3%, up from 2.2% in the same quarter a year ago. The average asking rent increased to $25.36 per square foot, from $24.56 per square foot.

Source: SFBJ