Press Release, February 22, 2018
ARA Acquires Class A Six-Building Industrial Campus in Growing Miami Submarket
MIAMI, Fla., (February 22, 2018) – American Realty Advisors (“ARA”), an institutional fund manager with more than $8.2 billion in assets under management, has acquired Transal Park, a 134,175-square-foot, six-building, multi-tenant industrial campus in the Miami Airport West submarket of Florida.
The Transal Park deal follows ARA and Foundry Commercial’s recent acquisition of Miami Free Zone, an 823,000 square-foot industrial complex, which brings ARA’s holdings in the area to more than 1.6 million square feet.
“This is a strong Class A asset in one of Florida’s most dynamic markets,” says Kirk Helgeson, Chief Investment Officer at ARA. “We continue to find deep value in the Miami market, and are excited to continue to expand our portfolio in the region and capitalize on its continued growth.”
According to David Willett, Senior Director of Investments for ARA, Doral, Florida, where Transal Park is located, is in a key industrial submarket in Miami due to its proximity to the Miami International Airport and rapidly growing business and residential environment.
“This is where you want to be in Miami for industrial real estate investment,” says Willett. “Transal Park is located less than 1,000 feet from the entrance to the viaduct connecting tenants to the air cargo terminals at Miami International Airport and has over 1,000 linear feet of frontage on 25th Street in Doral. As such, we view this as one of the best locations for warehouse product in the market and see significant long-term upside potential in the investment.”
The industrial complex is currently occupied by a diverse range of tenants across a variety of industries. “Transal has demonstrated consistent high occupancy rates for the last 10 years, and a lack of available supply in the submarket is placing upwards pressure on rental rates, which will allow us to further drive increased cash flow and returns for investors,” adds Willett. “This is well-aligned with our strategy to target stabilized assets that are strategically positioned to perform over time.”
Foundry Commercial will serve as the property manager for Transal Park, as well as for Miami Free Zone.
“Foundry Commercial is a deeply experienced partner, and we are excited to continue to expand our relationship with them,” says Willett. “Through our partnership, we will be able to strategically position these assets for long-term growth and ultimately enhance value for our investors.”
Located in close proximity to Palmetto Expressway and approximately two miles from Miami International Airport, Transal Park is located at 8200-8290 NW 27th Street in Doral, Florida.