The New York-based investment giant sold the 115,741-square-foot industrial building at 13801 Northwest 112th Avenue to Boxer US, a Miami-based entity incorporated in May. The deal breaks down to $374 per square foot.
Rising development costs, whether from high land prices or increased construction costs, has led investors to shift away from evaluating sites based on historical lease prices and instead betting on the potential for rent growth that could be spurred by a lack of supply.
The 4-acre property containing a 45,015-square-foot industrial building sold for $14.15 million. The site at 9200 N.W. 58th St. last traded for $950,000 in 1989.
There’s a shortage of parking spaces for trucks, heavy equipment and RVs in Miami-Dade as development has intensified throughout the county. This has increased the value of auto storage facilities with amenities for vehicle fuel and service.