Miami-based Equitable Real Estate Partners has picked up the Airport East Distribution Center in Miami-Dade County for $17.5 million. The 397,585 sqf warehouse and distribution building changed hands for $44 per sqf. Located at 7000 NW 32nd Avenue, the property is positioned near Miami International Airport and PortMiami in the East Hialeah submarket. The facility is a three building industrial campus made up of 360,000 sqf of dock-high space, grade-level space and 34,000 sqf of office and flex space. The buildings feature CBS construction, 18-22-foot clear heights with ample truck courts and exterior storage on an 18-acre site. At the time of the sale the scheme was 90 percent leased with tenants including GA Telesis and EconoCaribe.
Cushman & Wakefield represented the seller, Miami-based Terranova Corporation, in the disposition. “Airport East Distribution Center offered investors the rare opportunity to acquire a critical mass of industrial product in one of the strongest industrial markets in the country,” said Executive Director Mike Davis, Cushman & Wakefield. ”The asset is well-leased and will provide strong and consistent cash flows due to its central location”
