We are pleased to announce the sale of 28 acres located within The Homestead Park of Commerce in south Miami-Dade County. The closing price was $10,900,000. (There was also an additional, non-disclosed assignment fee).
The Buyer is EastGroup Properties, Inc. (NYSE: EGP), a S&P Mid-Cap 400 Company who is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis on Florida. The purpose of their acquisition is to construct four class A warehouse buildings for a total of about 400,000 sq. ft. The estimated delivery date is the third quarter of 2023.
The Seller was Doug, LLC who contracted to sell the property to Violet Capital who subsequently assigned the contract to EastGroup. “The Homestead / South Dade submarket will be South Florida’s next hot industrial market as demand for industrial space in Homestead continues to increase. It is becoming very difficult to find large industrial land sites within Miami-Dade County to develop Class A industrial projects. The Homestead area still offers these opportunities to developers of industrial space. The presence of large national companies such as Amazon, FedEx and others in this area along with the continued population growth in the Homestead area will continue to push rental rates up. Homestead has become the southern hub for South Florida commerce. Big names like Amazon, FedEx, Copart, Atlantic Sapphire and EcoSteel have already started creating a foothold in this rapidly expanding city.” – states George Pino, SIOR, RPA | President of State Street Realty, who represented Violet in the transaction.
EastGroup was represented in the transaction by The ComReal Miami Industrial Team of Ed Redlich, SIOR, CCIM, Patrick McBride, Esq., Chris Spear, CCIM and Edison Vasquez, CCIM with The ComReal Companies. “This is a very exciting and significant project for both the south Miami-Dade industrial market as well as the local community. The new warehouse construction will attract industrial businesses to the growing area and create hundreds of employment opportunities for local residents.” states Redlich. “Our team looks forward to marketing the project as South Dade continues to attract both large commercial investments and residents in droves. The project will provide a great option for the strong demand for dock high warehouse space in the area.”
For more information about this sale and other properties, please contact the ComReal Team at 786-433-2380.