Lithia Motors’ Bryan DeBoer with 9300 Northwest 13th Avenue (Southern Oregon College, Google Maps)
A countrywide automotive business picked up a Doral industrial setting up in the vicinity of motor vehicle dealerships that it obtained around the summer.
An entity led by executives with Lithia Motors, which includes the Medford, Oregon-primarily based firm’s CEO Bryan DeBoer, compensated $28.5 million for the 145,000-square-foot facility at 9300 Northwest 13th Street, information show.
The seller, an entity with the same address as New York-based mostly Highbrook Expenditure Administration, paid out $18 million for the 8.3-acre assets in June of final 12 months, documents display.
In a July $24 million deal, Lithia acquired Esserman Acura and Esserman Volkswagen, two vehicle dealerships on a 4.6-acre site at 10455 Northwest 12th Street in Doral. The same thirty day period, Lithia also bought Doral Hyundai, Doral Genesis and Doral Kia at 10285 Northwest 12th Avenue and 10155 Northwest 12th Street for a combined $33.3 million.
It is an opportunistic time to grow to be an industrial landlord in Miami-Dade County, as an stock crunch is driving up rents amid robust tenant desire. In the third quarter, tenants paid out an average inquiring hire of $14.35 a sq. foot in Miami-Dade, a spectacular enhance in comparison to $8.84 for each sq. foot all through the exact same time period of previous year, in accordance to JLL.
Miami-Dade’s vacancy amount dipped to a document low of 1.8 per cent in the 3rd quarter, compared to 4.5 % through the exact period of time of last yr, the report states. The county’s industrial sector also absorbed additional than 600,000 square feet of new warehouse room in the 3rd quarter.
This month, Miami Seaside-centered true estate trader Laurent Groll acquired a pair of adjacent industrial structures in Doral for $18.1 million.
In September, Truist Securities compensated $59.4 million for a 178,000-square-foot warehouse in Medley. The seller, Coral Gables-primarily based nationwide food distributor Quirch Foods, will go on leasing the cold storage facility.
The very same month, Doral-based mostly industrial advancement and investment organization The Easton Group bought a 76,000-sq.-foot warehouse in northwest Miami-Dade for $14.3 million.
