Six-asset industrial portfolio trades for $38.5M in Miami, Florida

MIAMI, Jan. 10, 2023 – JLL Capital Markets announced today that it arranged the $38.5 million sale of Milpa & Wesley Center, a 182,575-square-foot, infill, shallow bay industrial portfolio in Miami, Florida.

JLL represented the seller, Cofe Properties, LLC, and procured the buyer, Miami Palmetto Property, LLC, an entity co-sponsored by East Capital Partners and ABR Capital Partners’ GP Investment Program.

The six-building portfolio is located at 6801-7500 NW 77th Ave. and boasts a high occupancy rate of 91%. The front-load industrial buildings feature clear heights ranging from 17 to 19 feet, providing ample vertical space. The presence of 12 dock-high and 101 grade-level doors enhances the property's logistics capabilities. Additionally, the property offers ample parking for tenants and visitors with 275 dedicated spaces.

The Miami-Dade market has proven to be a safe haven for investment assets. Limited land supply, sustained demand and low vacancies have allowed landlords to maintain strong rental rates. The robust tenant demand has also given developers confidence, as over 9 million square feet of new space delivered in 2021 and 2022 is already occupied at an impressive rate of over 98%.

The JLL Capital Markets team was led by Managing Director Luis Castillo, Senior Director Cody Brais, Director Wells Waller, and Analysts Taylor Osborne and Aaliyah St. Louis.

“We are excited to announce the successful closing of this off-market industrial sale in the heart of Miami, Florida. This transaction is testament to the continued demand by investors for well-located shallow bay industrial that we are experiencing throughout Florida and the strong property level performance within the shallow bay property vertical,” said Cody.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

COFE Properties is a real estate investment firm headquartered in Coral Gables, Florida whose principal activities include the acquisition and operation of income producing real estate assets. Founded in 2002, COFE has a proven track record of acquiring quality assets and generating attractive returns. COFE Properties presents a whole new standard of building ownership - from expert renovations, meticulous build-to-suit customization, on-site leasing and building maintenance. We feature professionally designed, upscale medical and professional office space for lease, as well as retail, industrial and mixed use space. All with convenient terms and competitive rates.

East Capital Partners is a privately owned real estate investment company that invest in off-market institutional real estate and developments in the Eastern United States on behalf of our own account, pension funds and other leading institutions and individuals. East’s approach to value creation ranges from the less intensive – improving existing operations, leasing, and renovations – to more intensive activity such as major repositioning, change of use, and ground-up development. For more information, please visit https://eastcp.com.

ABR Capital Partners (ABR) is a Baltimore-based real estate investment manager with a proven fifty-year track record, unconstrained access to the broadest opportunities in the middle market, and deep, long-standing relationships with leading real estate operators across the United States.  ABR specializes in value-add, opportunistic, and core-plus investments in the middle market, and takes a focused yet flexible approach regarding market, property type, and capital structure, with a goal of maximizing risk-adjusted returns at the asset and portfolio level.  Since the inception of the firm, ABR has acquired over $4.5 billion of assets, representing over 400 transactions, and six firm-sponsored real estate funds.  For more information visit abrcapital.com.