A Joint Venture between a high net worth individual and an affiliated Commercial Florida entity acquired Miami Airport Distribution Center, a +/- 397,000 SF warehouse and distribution center near Miami International Airport, for $17.5 million in 2016. The property was acquired with an initial equity contribution of $10.1 million. Commercial Florida performed property management, asset management, lease administration, accounting, financial reporting and several additional services throughout the acquisition, hold, and strategic disposition of the asset.
The partnership exited from the deal in 2018 and sold the property for $22,960,000 to CenterPoint Properties, an industrial real estate investment company focused on acquisitions, development, redevelopment, management, leasing and selling warehouse, distribution and manufacturing facilities in major transportation hubs throughout the United States.
The deal returned a 22.2% deal-level IRR to the partnership.