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| Former Regal Kitchens site 8600 NW South River Drive, Miami, FL |
MIAMI, FL, Jan. 29, 2013 - Colliers International South
Florida is pleased to announce the sale of the former Regal Kitchens property
located at 8600 NW South River Drive, Miami, FL.
The site, which consists of 8.6 acres of land, including a
171,000-square-foot warehouse, was sold to Megacenter, a company based in
Chile, for $7 million.
Colliers South Florida Director of Industrial Services Mort
Fetterolf, Senior Investment Sales Associate Xavier Cossard and
Chairman - Founding Partner Michael T. Fay, represented the total
transaction.
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| Michael T. Fay |
"With land so scarce in the South Florida area, this
property produced much interest, especially from institutional owners,"
says Fetterolf. "Many of those parties were considering repositioning the
property by tearing down the existing structure. The new owner will instead
utilize the existing building."
Buyer Megacenter
specializes in reconditioning similar buildings in Chile. This site is their
first purchase in the United States, and they have plans to renovate the
existing building.
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| Mort Fetterolf |
The new owner will divide the renovated building into
warehouse and full service office suites for lease, ranging from 4,000 to
20,000 square feet.
Colliers International's Fetterolf and Commercial Associate Erin
Dee have been retained as the exclusive leasing agents. Competitive pricing
offers and highly visible signage on the Palmetto is expected to attract
tenants to the site quickly.
"We are pleased
to have sold the property and are looking forward to the new concept at this
great location on the corner of the Palmetto and Okeechobee Road," adds
Fay.
Contact:
Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138
Email: crystal.proenza@colliers.com
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