N
orthwood Investors has entered South Florida's thriving industrial market with its purchase of a 201,827-square-foot warehouse in Doral for $46.5 million. The Denver-based real estate investment firm acquired the facility at 10000 Northwest 15th Terrace through an affiliate, according to records and real estate database Vizzda. The deal translates to $230 per square foot.

    The JLL team led by Britton Burdette and Trent Agnew brokered the sale as part of a $160 million portfolio purchase that includes two distribution centers in Texas and Georgia leased to Home Depot and Havertys, respectively. Monat Global, a hair and skincare products company, serves as the main tenant at the Doral warehouse.

    The seller, an affiliate of Hartford-based USB Realty Investors, acquired the 12-acre site for $26 million in 2012. The building was completed in 2000. Northwood, led by CEO John Kukral, has primarily focused on hospitality real estate assets in Florida but is now expanding into industrial properties.

    Doral stands out as one of South Florida's top-performing industrial markets, with an average asking rent of $18.67 per square foot in the third quarter, compared to $16.42 a square foot for Miami-Dade County overall. Institutional investors are actively seeking properties to build new warehouses, and Prologis recently paid $54.5 million for a warehouse near Doral leased to Verizon subsidiary TracFone, planning to redevelop it into larger industrial spaces.