by Roberto Susi on January 10, 2022
RealTerm Logistics made a triple play of big acquisitions in South Florida within a month after purchasing a Miami-Dade County distribution facility for $47.25 million.
Vectra Realty LLC, managed by Jay Rosen and Thomas Gambino Jr. in North Bergen, New Jersey, sold the 277,425-square-foot warehouse at 7101 N.W. 32nd Ave. in the Gladeview neighborhood to RLIF East 6 LLC, managed by executives at Annapolis, Maryland-based Realterm Logistics. The price worked out to $170 a square foot.
Roberto Susi of Miami-based Axiom Capital Advisors brokered the deal.
“As South Florida population continues to grow, industrial assets of this caliber have become more desirable to institutional investors as well as logistics tenants," Susi said.
The warehouse last traded for $5.1 million in 2001, so its value increased nearly nine times over. That’s a reflection of a surge in demand for industrial space in Miami-Dade County as more e-commerce and distribution companies move here, driving up rents.
The warehouse was built on the 12.3-acre site in 1974.
“South Florida is the fourth fastest growing region in the U.S. with a total population of 6.2 million people making it a premier location for final mile facilities,” Arnie Capute, associate VP of east region acquisitions at Realterm. “In addition to being located in a dense market, 7101 N.W. 32nd Avenue is the only building of its size in the submarket that offers this unique combination of loading and parking, making it highly desirable to a host of users.”
In recent weeks, RealTerm Logistics has paid $127.5 million for an industrial portfolio in Riviera Beach and $14.75 million for a warehouse just west of Miami International Airport.