Stockbridge Buys $20M Warehouse in Miami Airport West Sale-Leaseback Deal
CA-based real estate investment management firm Stockbridge has completed its $20-million purchase of 4343 NW 77th Avenue, a 28,000-square-foot single tenant warehouse/service facility sitting on 5.6-acres of land in the Airport West submarket of Miami, FL.
Wayne Ramoski of Cushman & Wakefield and Kemp Conrad of Cushman & Wakefield represented the seller, Dobbs Equipment (a John Deere dealer) in the transaction. As part of the sale, Dobbs Equipment will leaseback the entire warehouse/service facility, which is currently being used as an authorized full-service equipment dealership.
“This was a unique opportunity for an investor to acquire a high-quality industrial asset with in-place cash flow in one of the hottest industrial gateway markets in the nation,” said Ramoski,.
The warehouse/service facility on-site provides street level loading with 22-foot clear heights and includes an office and showroom. Approved flexible industrial/commercial zoning is also in place allowing for potential redevelopment of the facility.
