Done Deals: JLL Capital Markets arranges $38.5 million sale of Milpa & Wesley industrial Center in Miami, FL

Taylor Osborne

MIAMI, FL –  JLL Capital Markets has arranged the $38.5 million sale of Milpa & Wesley Center, a 182,575-square-foot infill, shallow bay industrial portfolio in Miami, FL

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.

Aaliyah St. Louis

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.

Luis Castillo

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 nine million square feet of new space delivered in 2021 and 2022 is already occupied at an impressive rate of over 98%.

Cody Brais

“We are excited to announce the successful closing of this off-market industrial sale in the heart of Miami, Florida," said Cody.

"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.

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