South Florida’s industrial market just proved it still has plenty of fight left in it. In the span of a week, investors snapped up two major warehouse plays totaling more than $116 million, signaling that buyers are still willing to gamble on rent growth and value-add upgrades even as vacancies creep higher.
According to The Real Deal, Atlanta-based Republic National Distributing Company sold a 440,700-square-foot warehouse at 441 Southwest 12th Avenue in Deerfield Beach to an affiliate of Reyes Holdings for $84.1 million. Wells Fargo financed the purchase with a roughly $60.4 million mortgage, putting the value at about $191 per square foot. The property, built in 1991, last changed hands in 2007 for $19 million.
Republic National Distributing Company said the deal, which closed on May 29, marks an "important milestone" in its broader sale of operations in 11 markets. The distributor framed the handoff as an orderly transition to Reyes management and stressed that it is prioritizing support for employees and continuity across affected locations.
In Miami-Dade, New York-based Woodhill Real Estate shelled out $32 million for a 10-building industrial portfolio in East Hialeah totaling about 165,000 square feet, The Real Deal reports. Gridline Properties broker Alfredo Riascos said the complex was fully leased at closing and that Woodhill is stepping into "below-market rents that are expected to rise over time as leases roll over." Chicago-based LaSalle supplied acquisition financing, while the sale ended more than 40 years of ownership by the Richard Kronenberg Family Trust.
Market snapshot
Per Matthews' South Florida industrial report for the first quarter of 2026, a flood of new warehouse construction pushed vacancy to about 5.8 percent and produced roughly 1.1 million square feet of negative absorption. Even with that soft patch in demand, asking rents inched up 1.2 percent year over year to $18.64 per square foot, a sign that landlords still have pricing power for well-located space.
Why buyers are still paying
Broker chatter suggests these trades capture a split personality in the market: investors are comfortable paying moderate prices per square foot for older product that throws off steady income today and offers rent-growth potential tomorrow as leases reset. CBRE's Broward industrial figures highlight that major institutions remain active in South Florida logistics, even as vacancies edge up. That mix of current cash flow and renovation-driven upside helps explain why capital is still chasing these kinds of assets.
What to watch
All eyes now turn to lease expirations and capital plans. The real test will be whether the new owners can lift rents and execute upgrades without losing tenants to nearby vacant space. Also worth watching is how Reyes integrates the RNDC operations in Broward and whether its assurances about supporting associates translate into on-the-ground stability as the handoff unfolds.
