Miami, FL – July 29, 2011 – (RealEstateRama) — DCT Industrial Trust, Inc. purchased 14.68 acres of land from Jacksonville-based, Everbank, for $6,260,000. The two parcel property had a staged closing with the first phase occurring July 19. The second phase is slated to close by year end. DCT Industrial plans to develop industrial distribution space for lease. The site is located in the Doral/Airport submarket.
Remarking on the sale, CB Richard Ellis Vice President, Devin White said, “This is the first major land acquisition in several years, further confirming developer and investor confidence in the Miami Airport marketplace.” DCT Industrial recently purchased a Class A 100,000-square-foot industrial property in February 2011, also located in the Doral/Airport submarket.
“The market is quickly trending upward. As vacancy diminishes, demand for quality distribution space has increased. Given where we are in the real estate cycle, together with the shortage of quality distribution space, DCT believes this to be the opportune time to bring Class A product to the market,” said David Albert, SIOR and Senior Vice President with CB Richard Ellis.
Albert and White, joined by Associate, Ronald Marrero, negotiated purchase of the bank-owned asset on behalf of DCT Industrial. Together, the team has represented prominent local, national and international companies both within the South Florida industrial market and throughout the United States for over 15 years.
Based in Denver, DCT Industrial Trust owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the U.S. and Mexico.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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