CBRE Arranges $20M Sale of Miami Distribution Center
- Sep 30, 2019
CBRE has brokered the $19.5 million sale of the Tire Group International Distribution Center, a 179,972-square-foot single-tenant warehouse in Miami. TDH Realty sold the property to Brookfield Asset Management, according to the South Florida Business Journal. CBRE Senior Vice Presidents David Wigoda and Devin White, along with Financial Analyst Sean Kelly, represented the seller in the deal.
Located at 7500 N.W. 35th Terrace in the Airport West submarket, the property is right off Palmetto Expressway, with Dolphin Expressway less than 3 miles south. Miami International Airport is roughly 5 miles east, while Port of Miami’s cargo terminals are 11.8 miles east of the distribution center. Additionally, more than 4.5 million people live within a 1-hour drive of the property.
The distribution center was completed in 1980 and renovated in 2006 and 2015. The facility features 26-foot clear heights, a new ESFR fire sprinkler system and up to 175-foot truck court depths. According to Miami-Dade County records, Tire Group International owned the property between 2006 and 2013, then sold it to TDH Realty for $14 million, but remained the sole tenant of the building ever since.
South Florida’s industrial market is one of the most coveted in the country. In August, a CBRE team represented the seller in the state’s largest industrial transaction so far this year. The 1.6 million-square-foot property is roughly 8 miles north of the Tire Group International Distribution Center.
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