Dallas, Texas-based Lincoln Property Co. has added the Miami International Logistics Center to its portfolio for $27.4 million – more than two times its last sale – Cushman & Wakefield announced Friday.
The two-story warehouse terminal at 725 Southeast Ninth Court spans 500,194 square feet and sold for about $55 per square foot.
Cushman’s Mike Davis, Rick Brugge, Michael Lerner, Wayne Ramoski, Gian Rodriguez, Robert Given and Troy Ballard represented the seller, Keating Resources, which is led by Gerard Keating. Keating is also selling Tampa’s International Logistics Center, according to the firm’s website.
The warehouse sits on nearly 20 acres and was built in 1960. Property records show Keating Resources bought the building for $11.2 million in 2013. The logistics terminal is 88 percent occupied, according to Cushman’s release.
About 2 million square feet of warehouse space is under construction in Medley and Doral and will be delivered over the next two years, according to a first quarter report from Colliers International South Florida. Brokers attribute the growing appetite for industrial real estate in the Miami Airport West submarket to increased demand and limited land.
Earlier this week, a nearby trucking terminal warehouse sold for $8.45 million, or $161 per square foot, to Southeastern Freight Lines, a Lexington, South Carolina-based trucking company. Also nearby is Flagler Global Logistics’ massive Flagler Station industrial park.
Lincoln Property Company has communities in 29 states, including New York, New Jersey and California. In 2015, it added a Broward apartment community to its portfolio for $88.6 million.