The sale price of the 62,000-square-foot facility equates to roughly $328 per square foot—nearly three times the property’s previous sale price a decade ago.
Although certain asset classes may see isolated trouble, the broader industrial market in Miami appears resilient, with no signs of systemic weakness. The occupancy has slipped slightly from about 98% to 95% but points to a more balanced market.
Class B and C industrial vacancy rates in Miami have remained stable, holding below 5%, as tenants increasingly prioritize value over newly built assets.
The project would be one of the largest industrial developments in Miami-Dade. With vacant industrial land scarce in South Florida, developers are increasingly looking to repurpose man-made lakes despite the high cost.