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. (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, Edison Vasquez, 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. On a side note, the property was originally occupied by Faith Freight Forwarding and then Gold Coast Beverage Distributors.
“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.”
Congratulations on the sale. Your articles and detailed reporting of sales and listings have been essential in keeping market participants, lenders and appraisers informed on market trends.
Congratulations. Great way to end the year!!