Miami Warehouse Condo Park Trades For $9.25 Million

CBRE’s Private Capital Group arranged the sale of 39 small-bay warehouse condominium units comprising 162,515 square feet at SanPer Industrial Park, a 46-unit  industrial park located 4709-4797 NW 72nd Avenue, Miami. Swezy Realty of Miami Lakes purchased the property from San-Per Investments Inc. of Miami for $9,250,000. CBRE represented the buyer and the seller.  Alex Nuñez, of Nuñez and Partners also advised the seller.
“Despite the fractured condo nature of the offering, the marketing effort attracted strong interest from a wide range of primarily private buyers, and to a more limited extent, institutional ones, who were drawn to the property’s critical mass, strategic airport market location and upside through rental rate appreciation and/or condo exit,” said CBRE Associate Miguel Alcivar. “Despite receiving higher offers, ownership ultimately selected Swezy Realty as buyer because of their local industrial experience and ability to close quickly and with certainty.”
Built in 1980 and later converted to condo in 2006, SanPer Industrial Park is a single-story warehouse condominium property with direct frontage on Milam Dairy Road, strategically located within two miles of the multi-modal South Florida Logistics Center, the Palmetto Expressway and the cargo entrance to Miami International Airport. The highly functional small-bay units feature 16.5-foot clear ceiling heights and dock-high and grade-level loading entries. Tenants at the park include smaller entrepreneurial trade/logistics-oriented companies.
In addition to Alcivar, the CBRE Private Capital Group professionals involved in the transaction were Senior Vice President Scott O’Donnell, Vice President Dominic Montazemi and Vice President Jason Hochman. CBRE Senior Vice President David Albert and Vice President Devin White assisted by providing real-time industrial leasing market intelligence.