Miami-Dade distribution facility sold for $4.4M
JLL closed the sale of the property and secured the leasing assignment for the industrial building
MIAMI, Jan. 14, 2021 – JLL announced today that it has closed the $4.4 million sale of and secured leasing for South End Industrial, a fully leased, 32,453-square-foot, Class A distribution center in Southern Miami-Dade County, Florida.
JLL worked on behalf of the seller, Sure Equity. Bank of America purchased the asset on behalf of a client, and JLL will lease the property for the new owner.
South End Industrial is situated on 1.91 acres at 1551 SE 36th Ave. in Homestead in south Miami-Dade County. The building is within the Homestead Park of Commerce, a 275-acre master-planned development, and has convenient connectivity and regional highway access via the Florida Turnpike (SR-821).
Completed in 2016, South End Industrial features a front-load configuration, a 24-foot minimum clear height, seven dock-high doors, seven drive-in doors and low office finish. The institutional-quality building is fully leased on a long-term triple-net basis to Goodman Distributors and Frito Lay.
The JLL team representing the seller was led by Executive Managing Director Brian Smith, who is JLL’s South Florida Industrial Lead, along with Managing Director Luis Castillo and Associate Cody Brais, who are part of JLL Capital Markets.
“Interest for industrial acquisitions in Miami remains high at all spectrums of the investor universe, and South End Industrial is no exception,” Castillo said. “A sophisticated investor saw the long-term value and potential in this asset and made an astute acquisition.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sure Equity
Sure Equity is a real estate private equity firm focused on distressed debt acquisitions, direct mezzanine/bridge lending and opportunistic equity investments ranging from $1 million to $20 million.