Gramercy buys over 206,000-square-foot warehouse in Miami-Dade
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- Brian Bandell
- Senior Reporter- South Florida Business Journal
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An affiliate of Gramercy Property Trust paid $10.06 million, or $49 per square foot, for a warehouse complex in northwest Miami-Dade County.
The transaction was a sale and leaseback, with Joel Schenkman's International Data Depository signing a lease with the buyer.
Coral Gables-based N.W. 112th Street Properties LLC, controlled by Schenkman, sold the warehouses of 206,751 square feet to GPT NW 112 Street Owner LLC, an affiliate of New York-based Gramercy. They are located on a 6.3-acre site at 3350 and 3450 N.W. 112th Street.
RELATED CONTENT: Developer plans 400,000-square-foot warehouse project in Palm Beach County
The warehouses were constructed in 1973. They were last acquired for $8 million in 2006.
Brian Bandell covers banking, finance, health care and education. Get the latest banking news with our free daily newsletter. Click here to subscribe.
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