TRENDING: More Industrial Buildings Selling To End Users

Cushman & Wakefield’s Wayne Ramoski and Gian Rodriguez today announced the sale of a 42,518-square-foot, rail-served industrial building located at 9253 NW 100th Street in Medley.
IMEX Properties purchased the warehouse for $3,100,000, or $72.91 per square foot, taking one more stand-alone industrial building off an already-limited market inventory.
IMEX was represented by Gonzalo Rioja of Stone-Miller.
The transaction marks one of the more recent industrial sales in the Medley submarket since last year when Lincoln Property Group purchased Medley West, an 846,651-square-foot portfolio of similar-class product, from TA Associates Realty for $71 per square foot.
“We received a good amount of interest on the building from institutional owners, especially given the high demand for functional industrial product like this within the South Florida core markets,” said Rodriguez, who with Ramoski represented the seller JFCF, Ltd. “But in the end, the fact that this is a free-standing building with an adjacent paved yard and FEC rail service, made for a great fit for an end-user like IMEX.”
Other brokers are experiencing the same trend.

Danny Zelonker, CCIM, SIOR, Broker/Partner at Real Miami Commercial Real Estate, had three industrial sales to end users in the last 30 days:

• A 29,000 square foot industrial facility located at 500 W. 83 Street in Hialeah sold to an auto parts distributor for $1,550,000.
• A 21,000 square foot building at 8700 NW 7th Ave. in Miami sold for $1,475,000 to a company in the restaurant equipment business.
• A 75,000 square foot building located at 5600 NW 32 Ave. in Miami sold for $3,800,000 to a clothing distributor.

“It was unusual that all three deals involved end users; most of my deals have been investors,” said Zelonker.
He added that he has two more industrial deals that he expects will close in July. “There is very heavy industrial action for businesses in Miami.”