Amazon, Packaging Corp. of America Among Tenants at Fully Occupied 201,459-SF Facility; Buyer is Dalfen Industrial
MIAMI, March 12, 2019 – On behalf of San Francisco-based Bristol Group, Inc., Cushman & Wakefield has arranged the sale of a 201,459-square-foot, last-mile distribution center in Miami’s North Central submarket for $24 million. The multi-tenant facility is 100 percent occupied by such notable tenants as Amazon, Packaging Corporation of America and DaVita Healthcare.
The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Executive Director Rick Brugge, Executive Director Wayne Ramoski and Director Gian Rodriguez represented Bristol Group, a national private real estate investment and development firm, in the disposition. The buyer is Dalfen Industrial, a real estate investment manager that specializes in the acquisition, development and operation of industrial property across the United States and Canada.
The warehouse facility sits on 10.25 acres at 15600 NW 15th Ave., within Sunshine State Industrial Park, a highly sought-after business park in the Miami-Dade County industrial market. Its central location positions the property as a “last-mile” distribution center, with over 4.1 million residents living within a 25-mile radius.
The property is located adjacent to Golden Glades Interchange, where four critical South Florida highways — Interstate 95, Florida’s Turnpike, The Palmetto Expressway and State Road 9 — converge, providing unparalleled access to the region. Previously called Bristol Distribution Center, the asset has been renamed to Golden Glades Fulfillment Center.
“The sale of this property is the culmination of Bristol Group’s textbook execution of our value-add industrial investment strategy,” said Dave Williams, Managing Director at Bristol Group. “We identified a vacant and run-down industrial property located in a highly strategic infill location and acquired it at an attractive price through an off-market transaction. After completing a complex Class A redevelopment plan, the property has consistently attracted several Fortune 500 companies as tenants. This sale is the realization of the long-term value we created during our ownership.”
The asset is also centrally positioned along the I-95 corridor, halfway between Miami and Fort Lauderdale’s sea and air ports.
“This acquisition is a prime example of our strategy of buying top quality last-mile oriented industrial assets. Amazon’s utilization of the facility to deliver on average 20,000 packages a day exemplifies this site’s functionality and ideal positioning in the market,” said Sean Dalfen, President and CIO at Dalfen Industrial.
“With immediate access to the intersection of four major highways and equidistance to two deep-water ports, Golden Glades Fulfillment Center will continue to appeal to a wide variety of tenants looking to capitalize on this unparalleled level of connectivity,” said Ramoski.
“Miami continues to be a top three industrial market in the nation, and the North Central submarket continues to see high demand from leading occupiers and investors in the industrial space,” added Davis. “This asset secured multiple qualified bids, and we were ultimately pleased to select Dalfen Industrial as the buyer.”
According to Cushman & Wakefield research, the North Central industrial submarket performed exceptionally well in 2018, ending the year with a vacancy rate of 3.2 percent, and ranking third in the Miami-Dade County in terms of leasing activity.
About Bristol Group
Bristol Group, Inc. founded in 1980, is a nationally active real estate investment and development firm based in San Francisco. The firm has acquired, developed or redeveloped over $2.5 billion of real estate, which includes over 22 million square feet of commercial properties. Bristol’s current real estate portfolio consists of industrial, self-storage, multi-family, retail and office properties nationwide. In the past two years, Bristol Group has acquired or developed over $230 million worth of commercial real estate assets throughout the United States. For more information go to www.bristolgroupinc.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida