The Miami Industrial Team at ComReal completed the sale of a building located at 5195 NW 77th AVE Miami, FL, East of Doral, inside unincorporated Miami Dade County.
The 36,000 square foot building sits on a 1.2 acre lot, fully fenced, with frontage on the Palmetto Expressway. The building has high security with a back-up generator and heavy power. The seller was Larian, LLC, and the buyer, Univista Insurance, has plans to make improvements to the building and set up some of their business there. The sale price was $4.6M.
“This unique building attracted a wide range of users, from car dealerships to performing theaters,” says Edison Vasquez of ComReal Doral, who brokered the deal. “Through our marketing, we were able to attract the right user for it.”
The building was originally built in 1971 and had been with the seller’s family for a long time. Formerly used as a document storage company, the building is located inside an Opportunity Zone–offering investors the ability to defer capital gains.
The ComReal Industrial team was retained by the sellers to find a new owner for the building in large part because of our expertise, tenacity, and experience selling and leasing buildings fronting the highway.
The Miami industrial Market continues its strong growth. In the first quarter of 2019, the average sale price was $110/ Sq. F. The market vacancy rate was 4.1%, staying constant as one of the lowest in over 10 years.
For more information on this transaction or other similar buildings in our inventory, contact ComReal today.