595 East 10th Avenue, Hialeah, Florida

Closed! The Industrial Team at ComReal announces the successful sale of the 39,000 SF warehouse facility at 595 E 10th Avenue in Hialeah, Florida. The seller, 595 Realty Corp, was represented by Patrick McBride, Esq. and Edward Redlich, SIOR, CCIM. CarSafe Storage purchased the warehouse for $3,350,000.

The property was extensively marketed for lease prior to the seller testing the sale market. Our team recognized the strength of the market, lack of buildings for sale, and advised the seller that the building would garner far greater attention on the sale side as prospects prefer to own in this neighborhood.

Once listed for sale, the property gained a ton of attention and we quickly had multiple offers. As we were about to finalize a purchase contract in early March with a buyer in the food industry, specifically in restaurant service, the China virus pandemic hit, and the buyer was forced to walk away at the last minute. In April, after the initial shock of the pandemic wore off yet still in the depths of the uncertainty and the economic crisis created by the virus, we were able to create a bidding war with multiple offers. This is a testament to the strength of the Miami industrial market.

In fact, the property sold for approximately $112 psf on a footprint basis, as the property features a 6,000 SF concrete mezzanine and 3,000 SF of second story office space. The buyer plans multiple improvements to the building, including a new roof, which makes the purchase price that much more impressive. “This property sold at the top of the market, and perhaps set a new bar in the neighborhood on a per square foot basis when you factor in the second floor mezzanine area and the deferred maintenance needed to make the property suitable for a new user” said McBride.

The eastern portions of Hialeah and the East Airport market have seen quite the impressive growth in both sale prices and rental asking rates over the past five years. This sub-market is becoming increasingly attractive to both users and investors as e-commerce continues to drive the need for in-fill development in areas located as close to population centers as possible. Owners in the area should take note that there will be a large volume of pent up demand from users who have contractual leases set to expire or who were looking to purchase a facility in 2020 for their operations but have now been delayed.

Give us a call if you have a warehouse coming available or you would like to further explore the options available to you in the market!

The warehouse in Hialeah can be sold vacant and/or with a tenant. The asking price is $2,225,000 or about $39 per square foot. For more information and/or other warehouses in Hialeah and Miami warehouses on rail for sale or lease, please contact Michael Weihl and Ed Redlich of ComReal Miami at 786-433-2380.

Centergate at Gratigny Warehouse in Hialeah

Edward Redlich, CCIM lead the Miami Industrial Division for The ComReal Companies. The team is recently credited for relocating Crossroads Logistics to its new Miami headquarters in March 2007. This is one of the largest, single-user industrial real estate transactions in South Florida’s history. Already one of the top largest Class A warehouse in South Florida, this Hialeah warehouse currently measures nearly 1,000,000 square feet on about 78 acres, for a grand total of interior space equivalent to about 16 football fields. The Centergate at Gratigny warehouse in Hialeah is located at 6301 East 10th Avenue, Hialeah, Florida.

“We are very pleased to have a company of Crossroads Transportation & Logistics’ caliber choose Miami-Dade County and the City of Hialeah as their home site, as the company will attract new jobs and help our tax base grow,” said Hialeah Mayor Julio Robaina.  “This deal supports the private sector’s renewed confidence in the region.”

Ed Redlich inside Hialeah Warehouse

Crossroads Transportation & Logistics is an Indianapolis-based company that provides full-service warehousing, transportation and fulfillment services. John Cantrell, President states “This property serves as an excellent entry point into South Florida, and we look forward to working with Crossroads Transportation & Logistics in making this facility one of the premier Miami logistics centers in the region. We anticipate adding hundreds of new jobs to the local economy with the opening of this facility.” Crossroads now operates two other one-million sq. ft. warehouses in Shreveport, LA and Indianapolis, IN. Crossroads Transportation & Logistics provides full-service warehousing, transportation and fulfillment services, and is recognized as an industry leader in providing high quality, cost-effective services to clients throughout the world. The company excels at designing domestic and international supply chains, ensuring efficient sourcing, manufacturing, transportation and order fulfillment for a wide range of customers.

Situated within close proximity to Miami International Airport (MIA) at the southeast intersection of the Gratigny Parkway (SR 924) and NW 42nd Avenue (Lejeune Road), Centergate at Gratigny provides tenants with direct access to Miami International Airport, Port of Miami and all major South Florida thoroughfares.

The class “A,” state-of-the-art Centergate at Gratigny features 32-foot clear height ceilings, offering tenants more square footage for storage space than most industrial business park facilities currently on the market, while it’s Early Suppression Fast Response (ESFR) sprinkler system allows tenants to store to the maximum height of the building without having to install “in rack” sprinkler systems. In addition, large portions of the building are climate controlled. Amenities include advanced back-up power/generator services, as well as side loading buildings that separate office and warehouse/distribution traffic. Tenants will enjoy enterprise zone status, 24-hour guard-gated security and generous parking.