A real estate company specializing in the ownership, acquisition, development and management — DCT Industrial Trust Inc has recently acquired an industrial building in Miami, Florida. According to company information, the industrial building, which is old for about $7.5 million, is 10 percent below estimated replacement rate.
Another real estate company has recently acquired an industrial building in California. Overton Moore Properties is the new owner of the industrial property, which is situated within the Massie Industrial Park. According to company information, the demand for quality industrial properties has increase considerable in the area.
Located at 8551 NW 30th Terrace, Miami, the industrial building is sold within Miami’s Airport West submarket — the primary gateway to Latin America and an international distribution hub for the Americas.
The submarket where the industrial building has been situated is one of the few submarkets in the district, which recovered first from the economic decline with limited vacancy rate and strong demand.
According to DCT Industrial’s Vice President, Regional Market Representative, Todd Watson, the company is looking forward to expanding its presence Miami’s Airport West submarket, and happy for the market’s rapid recovery from the economic downtown and its strong leasing activities.
Constructed in 1994, the industrial property was built to house up to three tenants. Major and existing lease in the property will expire on March 2011, and the company decides to lease it to either multiple tenants or to a single company.
The investment is estimated to produce a cash-yield of about 7 percent in its first year, upon the stabilization of the industrial building, according to company information.