The ComReal Industrial Team, led by Edison Vasquez & Chris Spear, assisted in the sale transaction of an industrial site located in the City of Doral, Miami-Dade County. The property is located at 9200 NW 58th ST Doral, FL 33178. It has a +/-45,000 SF building and sits on a +/- 4 Acre Lot. The site fronts NW 58th ST and is just West of Miami International Airport. This unique property is fully fenced, paved, and with drainage. At the time of the sale, the property was fully leased short-term to one Tenant. The Seller was Hackney Properties, LLC. The Buyer is Penske Truck Leasing. The buyer plans to occupy the site once the lease expires. The sale price was $14,150,000, which is $314/SF and $3,537,500 per Acre.
This property attracted a large number of buyers due to its size, location, and functionality. Buyers included users and investors. ComReal’s Industrial team brought the property to market in Q4 2022 at a time of rising interest rates, putting pressure on pricing. However, this didn’t stop buyers who are looking to secure or increase their footprint in Miami to inquire. These types of properties rarely come on the market. The marketing efforts from the team procured several offers. After several rounds, the team called for the best and final offers. Users were the highest bidders, showing the change in the dynamic in the market. Higher interest rates limit the amount investors can pay for properties. Penske stepped up with the best offer and terms. The sale of this site confirms the strong demand there still is for great industrial properties in South Florida.
The best feature of this building was its excess land for parking and outside storage. Due to the limited amount of land in South Florida, most industrial buildings have a lot coverage (FAR) of 50% or more. This property has a lot coverage of only 25%. Additionally, the excess land in this property was already paved and with drainage, which is very important for users.
“One of the focuses of our team is properties for Outdoor Storage (IOS). Very few brokers understand how to value these properties. This helped us target the right buyers and procure several offers. Obtaining record pricing for this property. All despite the headwinds of higher interest rates and slowing economy!” said Edison Vasquez with ComReal.
The industrial real estate market in South Florida continues to be strong, especially in Miami-Dade County. The limited inventory of buildings and land continues to push sale prices and corresponding rents to record numbers. In the first quarter of 2023, the average sale price in Miami-Dade was $271 Sq. Ft. The market vacancy rate for lease was 2.0%.
For more information on the transaction, leasing space in that building, or for other similar buildings in our inventory, contact the Industrial Team at ComReal at 786-433-2383 or firstname.lastname@example.org.