A huge Hialeah warehouse has sold in one of the largest industrial deals of the year, with the mammoth building trading at almost $100 per square foot.
Centergate at Gratigny LLC, a subsidiary of banking giant Barclays PLC, sold the 970,804-square-foot warehouse at 6301 E. 10th Ave. in Hialeah for $95.75 million, public records show. That’s a nice profit for the seller, who took over the property during the nadir of the recession in lieu of a $75.19 million loan. The buyer in the transaction is a subsidiary of Prudential Real Estate Investors.
The deal closed March 31.
The transfer includes the warehouse and vacant land next door. Combined, the lots in the deal cover 76.3 acres.
Built in 1999, Centergate at Gratigny was originally a massive distribution facility for Bannockburn, Illinois-based catalog giant abc distributing. It traded hands in 2006 to a fund that failed to lease any of the space for years and eventually lost the giant warehouse to foreclosure.
The property then began to attract tenants, including Miami International Freight Solutions. The company’s exit from Centergate made way for the leasing of 475,000 square feet of space to international promotional products company Bullet Line.
It is not clear what the future holds for the property. Original plans interrupted by the recession called for the construction of two smaller warehouses on the vacant land near the big building.
Source: DBR
