Transwestern Brokers $6.3M Acquisition of Miami Industrial Asset
The company has been retained to provide property management services.
By IvyLee Rosario
7120 NW 74th Ave. Miami, Fla.
Miami—Transwestern announced it completed the $6.3 million off-market acquisition of a fully leased, 64,575-square-foot industrial asset located at 7120 NW 74th Ave. in Miami’s Airport East submarket, on behalf of Terreno Realty Corp.
Transwestern Senior Managing Directors Ben Eisenberg and Walter Bryd, Senior Vice President Thomas Kresse and Senior Associate Carlos Gaviria executed the transaction. Transwestern has been retained to provide property management services. Led by Senior Vice President Andrea Lopez, this new assignment brings Transwestern’s Miami management portfolio for Terreno to 349,000 square feet.
“Although this property was not for sale, it was highly desired by our client as it fit within Terreno’s investment parameters. While we knew we had to overcome a large hurdle, we structured a deal that would be advantageous for all sides,” said Eisenberg. “Excessive cap rate compression, lack of supply and strong demand continues to drive pricing to record levels. With the tightening supply of assets on the market, creativity and market knowledge are the differentiating utilities driving deals.”
Image via Google Street View
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