CBRE Closes Sale of Miami Industrial Parcel

The Brazil-based buyer plans to build a multi-bay distribution center on the acquired land.

By Carmen Horghidan

MiamiCBRE Advisory & Transaction Services has recently closed the $5.3 million sale of a vacant 8.4-acre industrial parcel in Hialeah Gardens, Fla. The site was sold by Triple FFF Investments to TRX Investments. Devin White, David Albert and Andrew Fernandez of CBRE represented the buyer.

Devin White
Devin White

“Even though the parcel wasn’t listed for sale, CBRE was able to assess the needs of TRX, identify a suitable property and negotiate an agreement to purchase that delivered value for our client,” said Devin White, senior vice president with CBRE, in a prepared statement.

TRX will begin construction on a state-of-the-art, 170,000-square-foot distribution center on the purchased land which is located along NW Ave. at 140th St. The multi-bay facility is scheduled for delivery by the fourth quarter of 2017.

“The industrial market in Florida is TRX’s first entree in to the U.S., from which we will expand our footprint. It is a prime industrial market and a high-priority focus for our current investor base. We already own another development project in Doral for a 200,000-square-foot state-of-the-art distribution warehouse and we are prospecting additional properties to acquire and develop throughout Florida,” Scott Pryce, co-founder & CEO of TRX Investments, said in prepared remarks. TRX Investments is the Miami-based arm of TRX Group, one of the largest industrial developer in Brazil.

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