Even with that said there was a bidding war for the 880,543 sq. ft. Palmetto Distribution Center in Miami-Dade County. The owner fielded over 20 offers from a variety of hopeful buyers. Some groups who were interested in this leased Investment Property included Pension funds, life insurance companies, real estate investment trusts (REIT), private investors and foreign investors.
The sale price concluded at $66.5 million for the transaction of the Palmetto Distribution Center.
San Francisco-based AMB Property Corp., won the bidding war for the highly coveted industrial Investment Property. The deal equates to a 5.9% cap rate, the return AMB will receive in the first year based on the purchase price and net operating income. The seller of this net lease investment was an affiliate of TA Associates Realty, a Boston-based private equity firm.
Palmetto Distribution Center, which has been renamed as AMB Miami International Business Park, is centrally located at the interchange of the Palmetto Expressway (SR-826) and US 27 in Medley. The property consists of five Class A distribution buildings totaling 880,543 square feet and was 95% leased at the time of sale.
The net lease investment is located in Medley, Florida which is about 9 miles north west of Miami International Airport (MIA).
There are plenty of benefits of Net Lease Investments in using a 1031 tax exchange. Unlike other investments, commercial real estate is a great tax saver and helps you defer capital gains tax by using the 1031 exchange.
Contact Us HERE for:
1031 exchanges
Commercial Lease Properties
Triple Net Properties
Investment Property For Sale
Buying Investment Property
NNN Lease
Net Leased Properties
1031 property exchange
NNN Properties
Net Leased Investments
NNN Properties For Sale
When you are purchasing Commercial Real Estate or a "NNN" Triple Net Leased Property, you can apply for CTL Financing, Non Recourse Loans and Commercial Loans at Loanrise.com.
