Corebridge Lands Miami Industrial Building for $43.5M

Corebridge Real Estate Investors acquired a warehouse in the Sunshine State Industrial Park, a 211,471-square-foot multi-tenant distribution warehouse in Miami, from Longpoint Partners for $43.5 million. CBRE facilitated $32.13 million in financing for the acquisition. Longpoint originally purchased the 11.2-acre property in 2021 for $28.9 million. 

Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance team in Atlanta secured the five-year floating-rate, maximum interest-only loan with PCCP on behalf of the buyer. Sunshine State Industrial is currently 100% leased to three long-standing credit tenants.

The cross-dock warehouse, built in 1969, is located at 1400 NW 159th Street. It is on 11.2 acres and includes 151 parking spaces. The Sunshine State Industrial Park is an infill park boasting 93 properties, five million square feet of industrial space, and an average occupancy of 96%. It provides immediate access to the Palmetto Expressway (SR 826) and the Golden Glades Interchange. 

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