The 207,000-square-foot facility sold on behalf of Lincoln Advisory Group
MIAMI – September 22, 2017 – CBRE executed the sale of Airport International Center located at 5501-5595 Northwest 72nd Avenue, Miami, Florida. The two-building, small-bay industrial park was sold to Seagis Property Group, adding to their 4.8million-square-foot portfolio in South Florida. The seller, Lincoln Advisory Group, Ltd., was exclusively represented by the CBRE Capital Markets team of Christian Lee, vice chairman, Chris Riley, vice chairman, and José Lobón, senior vice president.
The 17’ clear, 90’ deep front-load buildings were built in 1995 and share a 150’ truck court with an ingress and egress along Milam Diary Road (NW 72nd Avenue).
“Airport International Center’s 4,500-square-foot bays, each with a dock high loading position and a ramp, combined with the property’s location just 1.5 miles from the Miami International Airport CargoTerminal Entry caters very well to the small entrepreneurial freight forwarders that drive a massive part of industrial demand in Miami-Dade County,” said José Lobón,senior vice president with CBRE Capital Markets.
According to CBRE Research, half of the industrial leases executed in Miami-Dade County since 2015 occurred with users seeking space less than 5,000 square feet. The property has averaged 95 percent occupancy since 1999, a testament to the strong demand for small-bay space in the Miami Airport submarket. Of the current tenancy, 75 percent of the in-place tenants have either renewed or expanded since original commencement, providing reduced rollover risk for the new owner.
“The fundamentals for industrial in Miami-Dade remain incredibly compelling,” explains Christian Lee, vice chairman with CBRE Capital Markets.“The market has experienced 10.1 million square feet of completions over the last five years. However, over that same time frame, it has absorbed an impressive 17.2 million square feet.” Miami-Dade’s 3.7 percent industrial vacancy is among the lowest in the United States. The Airport West submarket boats an even lower 3.0 percent vacancy rate.
The CBRE South Florida Capital Markets team also included vice president Amy Julian, as well as financial analyst Joe Chick. CBRE’s Miami Industrial team of Devin White and David Albert assisted in marketing the property.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
