Zaragon purchased an industrial facility near Hialeah leased to RAM Steel Framing for $7.55 million, as industrial demand remains strong even during the coronavirus pandemic.
The Chicago-based real estate firm bought the 105,000-square-foot industrial building at 7400 Northwest 37th Avenue in Miami for $71.90 per square foot, records show. GFTF, which is tied to Andy Redmond of Oakville, Ontario, was the seller.
RAM Steel Framing signed a long-term, triple net lease at the property, according to a press release.
The property last traded for $5 million in 2018, records show.
RAM Steel Framing is a manufacturer of drywall and structural framing for commercial and residential construction. The company has worked on Miami International Airport’s expansion, the Seminole Hard Rock Hotel & Casino guitar-shaped tower in Hollywood, and Aston Martin Residences in downtown Miami, according to the release.
Zaragon owns and manages about 3,500 apartments, 1,100 manufactured housing units,1.2 million square feet of office and industrial space and several thousand acres of vacant land across the country, according to its website.
South Florida’s industrial market continues to be one of its best performing asset classes. Overall vacancy in Miami-Dade County’s industrial market was 3.86 percent in the first quarter, with vacancy in the Hialeah submarket 2.90 percent, according to Avison Young.