December 2014 – One of the largest warehouses in south Miami-Dade County was sold for $3,450,000 or about $62 per sq. ft. based on 55,000 sq. ft. The property is located at 1011 Northwest 6th Street, Homestead, Florida.
The seller was Paramount Property Developers and the buyer was Mirai Holdings (aka Mitsuba) represented by Buyer’s Direct Realty. Mitsuba is a manufacturing and import/export company based in Bolivia, South America. The seller was represented by Ed Redlich and Chris Spear with ComReal Miami. Upon the time of the sale, the warehouse was 100% occupied with the following tenants: Institutional Products, Bee Natural Honey, Harrell’s and Silver Vase Orchids. Financing was provided by Community Bank of Florida. The Bolivian’s property in Miami is ideal for their business as well as a good investment.
Redlich and Spear grew up in the Homestead area so they know the local market very well. “This sale is significant for a few reasons. First, it is an both impressive property and price for the South Dade industrial real estate market. Secondly, the buyer is an owner/user/investor from outside the area. We do not often experience major investments and expansions from non-local buyers especially from as far away as Bolivia. Foreign investors are common further north in Miami of course, but not as much in Homestead. However, now that Miami’s warehouses are mostly full and prices have increased, more prospective buyers may consider South Dade to acquire industrial properties that are more economically priced. For example, industrially zoned land in the Homestead Park of Commerce is about one third to one fourth of the price compared to Miami.” comments Ed Redlich.
For more information on warehouses and industrial properties in Homestead and South Dade, please contact Ed Redlich and Chris Spear with ComReal Miami at 786-433-2380.