A 50,000-square-foot Miami warehouse has sold for $5.1 million to a publicly-traded real estate investment trust called Terreno Realty, according to a press release today from Jones Lang LaSalle, which represented the seller, Miami-based LMS Realty.
The industrial property is located at 12600 NW 107th Avenue and sits on 5.5 acres of land in Miami-Dade’s Medley submarket. The property is currently occupied by CaribTrans, a Caribbean shipping company.
LMS was represented by JLL managing director Steven Medwin and vice president Nick Wigoda.
“The acquisition of this Medley warehouse asset is the latest example of the appetite we are seeing for prime industrial assets located in key markets throughout South Florida,” said Medwin in the statement. “We expect to continue to see national and international investors seeking opportunities to acquire and build industrial properties in the region as the demand continues to exceed the available supply.” —Christopher Cameron