Panattoni has purchased a 20-acre industrial land parcel in Miami for $24m. Located on NW 123rd Street, the site is currently home to a vacant dairy plant. Panattoni plans to develop Eastview Commerce Center, a $100m, 800,000 sq ft class A business park at NW 24th Avenue and NW 119th Street. The project is currently 50 percent preleased. Newmark Knight Frank represented both the buyer and the seller, a New York financial services company.
“We are excited to acquire this rare infill site that will allow us to develop a state-of-the-art industrial product for expanding tenants in South Florida,” said Hayne Hamilton, senior development manager at Panattoni.
