Miami's Seaboard Industrial Park recently witnessed the sale of three neighboring warehouses for a whopping price of $51.5 million. The warehouses, located at 3455 Northwest 54th Street, 5530 & 5400 Northwest 32nd Court, boast a total square footage of 292,755. This translates to a price per square foot of $176, reflecting the high demand and leasing rates in the area.

Summary of transation details

• Property Type: Industrial
• Transaction Amount: $51,500,000
• Address: 3455 Northwest 54th Street, 5530 & 5400 Northwest 32nd Court
• Market: Miami

The buyers involved in this substantial deal are Walton Street Capital and Lincoln Property Co. representing the demand and interest in the Miami property market. On the other hand, HighBrook Investors, represented by Stephen Shaw, acted as the sellers. These reputable companies and individuals played a crucial role in finalizing this transaction, showcasing their expertise in the real estate industry.

It is worth noting that this impressive sale further underlines the increasing demand and rising leasing rates in Miami's industrial sector. With the industrial vacancy rate in Miami-Dade County dropping to a mere 1.8%, and an average asking rent of $15.57 per square foot for warehouse space, it is clear that this particular property's value aligns with the prevailing market trends.