RREEF Property Trust Makes $21 Million Miami Investment
RREEF Property Trust, Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered, daily NAV REIT, has acquired three distribution centers located in Miami Lakes and Hialeah, Florida for a combined $20.7 million.
RREEF Property Trust, Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered, daily NAV REIT, has acquired three distribution centers located in Miami Lakes and Hialeah, Florida for a combined $20.7 million.
The three fully-leased industrial buildings serve the Miami submarket and total nearly 290,000 square feet. The properties include Palmetto Lakes Distribution, a warehouse and distribution facility located north of Opa Locka Executive Airport, and Hialeah Industrial I & II, two front-load industrial buildings located five miles from the Miami International Airport Cargo Entrance.
“The locations of these three properties are a draw for tenants who support the Miami airport and port cargo industries, along with those requiring an infill location to serve the substantial consumer base located in the Miami submarket,” said Julianna Ingersoll, CEO and president of RREEF Property Trust. “All three properties offer excellent connectivity to Miami-Dade County to the south and Broward County to the north.”
RREEF Property Trust employs a blended investment strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. The company focuses primarily on U.S. commercial real estate assets selected from the industrial, retail, office, and multifamily sectors.
The company’s initial public offering was declared effective by the SEC in January 2013 and had raised approximately $130 million as of the first quarter of 2018, according to Summit Investment Research. The company’s portfolio is comprised of eight properties purchased for $182.3 million.
