Largest Industrial Transaction This Year Sets Record Low Cap Rate With Sale of

MIAMI, FL– Trading last week at Florida’s lowest-recorded cap rate for a major industrial asset since the market downturn in 2007, Cushman & Wakefield successfully negotiated the sale of the Palmetto Distribution Center (top left photo) for $66.5 million.

That equates to a 5.9% cap rate on year 1 income. Indicative of the torrid interest for core industrial real estate, C&W received 27 offers from a variety of buyers, including pension funds, life insurance companies, REITs, private investors and foreign investors.

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 Highway 27 in Medley, Florida. The Property consists of five Class A distribution buildings totaling 880,543 square feet and was 95% occupied at the time of sale.

Mike Davis, Executive Director of C&W’s Southeast Capital Markets Group, was quoted as saying, “With so many qualified purchasers, buyer selection was difficult. Ultimately, we selected AMB Property Corporation based upon purchase price and their closing track record.”

 Davis, along with Brian Smith, Executive Director – Industrial Brokerage, and Wayne Ramoski, (middle right photo) Executive Director – Industrial Brokerage, negotiated the sale on behalf of the seller.

Contact: Marcianne Foster, 813-204-5345, Marcianne.Foster@cushwake.com