Avison Young Spearheads Miami Industrial Sale
- May 20, 2020
Avison Young has finalized the $7.6 million disposition of a 105,000-square-foot industrial property in Miami. RAM Steel Framing sold the building to Zaragon in a sale-leaseback transaction. The brokerage team assisting the seller included Principals David Duckworth, John Crotty and Michael Fay, Vice Presidents Brian de la Fé and David Spiller, along with Associates Berkley Bloodworth and Emily Brais.
The buyer financed the purchase with a $5.7 million loan from CIBC Bank, according to public records. The note matures in 2027 and carries two one-year extension options. RAM Steel Framing will continue to occupy its headquarters on a long-term, absolute triple-net lease.
Located on 3 acres at 7400 NW 37th Ave., the single-story warehouse was completed in 1955 and expanded 1961. RAM Steel Framing executed a cosmetic upgrade of the property in 2017, according to Yardi Matrix. Situated in an opportunity zone, the property is 3 miles north of Miami International Airport.
In April, an Avison Young team including Duckworth, Crotty and Fay arranged the $12 million sale of an R&D facility in Alachua, Fla. The Class A asset changed hands for $12 million through a 1031 exchange.