The Realty Associates Fund VIII, an affiliate of TA Realty, has closed on the disposition of the West Hialeah Industrial Portfolio. The $32.5 million deal encompasses a 376,016 square-foot industrial warehouse complex located between West 33rd Place and West 28th Street. The portfolio consists of 41 freestanding multi-tenant buildings that range in size from approximately 4,000 square feet to 28,000 square feet. The buyer, Cofe Cix West Hialeah, is an affiliate of Kendall-based Cofe Properties. The seller, bought the assets in 2006 for $24.15 million.
“Strong demand for industrial space and the lack of available sites for new development in both the Hialeah and Miami Airport industrial submarkets place the portfolio in position for continued stable occupancy and sustained rental growth,” says Douglas K. Mandel, senior managing director, Institutional Property Advisors, which represented the seller. “Unlike most of the other industrial assets within the submarket, 95 percent of the portfolio’s leases have triple-net structures with annual increases that average nearly 4.5 percent.”
