Warehouse Near Miami Airport Sells for $24 Million in Major Deal

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A warehouse complex near Miami International Airport recently changed hands for a whopping $24 million! The Airport East Business Center, located in Hialeah, was sold by Miami Beach-based 112 CC LLC, managed by Greg Zeirman of Z Asset Management Corp. The new owners? Alliance NW 37th Ct. LLC and Franklin Concordia, both tied to Pennsylvania-based Alliance HP. They secured a $13.91 million mortgage from United Bank to seal the deal, according to property data from Vizzda.

Here's the fascinating part: back in 2013, this very warehouse went for just $2.75 million in a foreclosure auction. Talk about a comeback! This huge jump in value really shows how much industrial rent has soared in Miami-Dade County over the years.

The 101,685-square-foot warehouse, built in 1974 on a 3.3-acre site, still has about 27,164 square feet available for lease, according to a recent listing.

And if you’re curious about the local market, here’s the scoop: the latest report from Colliers reveals that Miami-Dade’s industrial vacancy rate was at 4.3% in the second quarter, up from 2.2% the previous year. Meanwhile, the average asking rent is also on the rise, currently at $25.36 per square foot compared to $24.56 a year ago.