AIRPORT EAST DISTRIBUTION CENTER
LOCATION
MIAMI, FL
ASSET TYPE
INDUSTRIAL/DISTRIBUTION
PROPERTY SIZE
397,000 SF
ACQUISITION PRICE
$17.5 M (2016)
SALE PRICE
$22.9 M (2018)
IRR
22.2%
A Joint Venture between a high net worth individual and Equitable Real Estate acquired Miami Airport Distribution Center, a +/- 397,000 SF warehouse and distribution center near Miami International Airport for $17.5 million in 2016. The property was acquired with an initial equity contribution of $10.1 million. Equitable Real Estate performed property management, asset management, lease administration, accounting, financial reporting and several additional services throughout the acquisition, hold, and strategic disposition of the asset.
The partnership exited from the deal in 2018 and sold the property for $22.9 million to CenterPoint Properties, an industrial real estate investment company focused on acquisitions, development, redevelopment, management, leasing and selling warehouse, distribution and manufacturing facilities in major transportation hubs throughout the United States.
The deal returned a 22.2% deal-level IRR to the partnership.