Closed! At a purchase price of $7,650,000 (or $60 psf), the Miami warehouse building at 7000 NW 33rd Terrace is the largest sale in Miami-Dade County in 2010 for an owner-user of an industrial warehouse. The warehouse in Miami measures 127,010 square feet and sits on five acres. The industrial building was built in 1983 by the selller, Roberto Faith. The Faith’s constructed the industrial warehouse building for their logistics business, Faith Freight Forwarding. Even after over forty years, Roberto Faith continues to be very active in the Miami freight forwarding industry by operating his business from one of his other warehouse buildings located at Beacon at 97th Avenue Business Park in Doral. (visit www.Beacon97.com)
Since more care and attention is given, custom built buildings by the owners are often better as opposed to those constructed by investor/developers just looking for a return. The special features of this property include all concrete construction including the twin-T roof; 24′ high ceilings; fully-sprinklered; FEC railroad track service; and an extra large truck court for an additional 19 trailer positions.
The buyers are Sandra and Isaac Lapciuc of Del Valle Brands, a Miami distributor that distributes household goods throughout the Caribbean and Latin America. Learn more about them at www.DelValleBrands.com. The buyer interviewed over twenty lenders, however the SBA financing was ultimately provided by City National Bank.
ComReal Miami was the only broker involved. The ComReal Miami Warehouse Team consists of Edward Redlich, Christopher Spear, Michael Weihl, Edison Vasquez, Dan Berkovitz and Stephen Smith. The property was marketed via the property’s website: www.MiamiAirportWarehouse.com and the international, commercial real estate organizations SIOR and CCIM. ComReal targeted end-users who were involved in light manufacturing, logistics, distribution, aviation and more. Companies that may need the FEC railroad service were also targeted.
“There are very few warehouses over 100,000 sq. ft. available for purchase in Miami-Dade County.” states Redlich. “One of the reason is that the institutional investors have acquired most of the larger properties for their own industrial portfolios using very large funds. There are fewer buildings that are privately owned which makes those end-users owning their own building more appreciative than those who are forced to rent because of a lack of supply. Del Valle Brands had been in the market to purchase a larger warehouse for about four years! They wisely waited until the ideal property became available and market conditions were more in the buyer’s favor. Although some of the institutions and their respective brokers continue to aggressively control the industrial market in Miami-Dade County, we were fortunately able to procure a win-win transaction privately between both the seller and buyer.”
Redlich Negotiates Lease for 55,000 square foot Miami Warehouse!!!
July 2003 – Edward J. Redlich, Vice-President of ComReal Miami, Inc., has successfully negotiated two simultaneous transactions for a large industrial building in Miami Airport West.
Ed Redlich was first retained by Fashion Marketing International (FMI), a national trucking company, to sub-lease their excess space at 1855 NW 70th Avenue in Miami, Florida. The property consists of a 55,000 sq. ft. warehouse on 2 acres. Marketing efforts procured Gate Gourmet, one of the largest airline caterers in the country. They needed to secure a new location immediately because their former facility was placed under eminent domain for Miami International Airport’s expansion.
The landlord, Faith Freight Forwarding, negotiated the buyout of the existing lease with FMI while simultaneously creating a new lease with Gate Gourmet. “I believe that all three parties benefited: FMI reduced their lease obligations in half; Gate Gourmet acquired a facility that best suits their needs; and Faith secured a credit tenant with a long term lease.” – states Ed.
Faith Freight Forwarding was very pleased with the industrial Realtor’s performance: “His expertise in the market allowed us to negotiate a very competitive rental rate as well as help us overcome obstacles during the negotiation process that were impeding the completion of the agreement.” FMI was also very satisfied with Redlich’s results: “His efforts allowed FMI to focus more on it’s Miami operations rather than maintaining real estate.” – says John Kurowski, VP.
For more information on Ed Redlich and ComReal’s commercial real estate services, please visit www.miamiwarehouseteam.com