Panattoni Development Company paid $24.3 million for the 20-acre site of a dairy farm and plans to build a speculative warehouse project.
The new industrial development at 3000 Northwest 123rd Street near Opa-locka will be known as Gratigny Logistics Park. It sold for $1.2 million per acre, according to a press release.
ZSF/WD Opa Locka, LLC, which is an affiliate of Zurich Insurance Group, sold the property.
Newmark Knight Frank’s Nick Wigoda and Steve Medwin represented the buyer and CBRE’s Christian Lee, Chris Riley, and José Lobón represented the seller.
The Zurich Insurance affiliate bought the property for $4.3 million in 1999, records show.
Nearby, Panattoni Development Company is completing construction of Eastview Commerce Center, a $100 million, 800,000-square-foot Class A business park at Northwest 24th Avenue and Northwest 119th Street. The project is more than 50 percent pre-leased, according to the release.
Newport Beach, California-based Panattoni specializes in office and industrial buildings and is one of the most active private industrial developers in the United States, according to its website. Carl Panattoni founded the company in 1986.
Institutional investors are searching for land to build new industrial properties in South Florida. Rents are steadily starting to fall, though, as more industrial properties are coming to market.
In the third quarter of 2019, average asking rents for warehouses in Miami-Dade County dropped to $8.50 per square foot from $11.18 per square foot in the third quarter of the previous year, as 792,365 square feet of industrial space was completed, according to a report by Colliers International South Florida.