DCT Industrial Trust Inc. purchased 8551 NW 30th Terrace in Miami this week for $7.5 million according to Citybizlist South Florida. Constructed in 1994, the 100,000 square foot distribution building sold for approximately 10% below estimated replacement cost at $75 per square foot. The current lease expires in March 2011 and DCT Industrial is pursuing several opportunities to lease the facility to either a single tenant or multiple users. The Class A facility has been recently renovated and offers a private and secured truck court.
"We are very excited to have this opportunity to expand our presence in Miami's Airport West submarket. The market has recovered rapidly from the economic downtown and leasing activity has been very strong," said Todd Watson, Vice President, Regional Market Representative of DCT Industrial. "With this recovery, we are starting to see a more competitive marketplace and I am confident in the strong team we have in place to pursue and quickly close new opportunities as we find them."
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