IPA Capital Markets Arranges $7.8 million in Acquisition Financing for $11.25 Million Sale of Wells Fargo Cash Transfer Station in Miami-Dade County, FL

Wells Fargo Transfer Station, 10325 Northwest 112th Avenue, Miami-Dade County, FL

Benjamin H. Silver

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 35,000-square-foot one-story office and warehouse building 100 percent occupied by Wells Fargo.

The $11.25 million sales price equates to $321 per square foot.

            Douglas K. Mandel, first vice president investments and Benjamin H. Silver, associate vice president investments, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, DRA Advisors LLC.

The Taylor-Zang-Dougherty Group and the MacLaren Group in the firm’s Philadelphia office represented the buyer, a Philadelphia-based investor in a 1031 tax-deferred exchange. Andrew Dansker, from Marcus & Millichap’s Institutional Property Advisors Capital Markets division, arranged $7,875,000 in financing.

“The property is a mission-critical facility built-to-suit for Wells Fargo as its primary South Florida cash transfer station,” says Mandel. “The building is triple-net leased to Wells Fargo through February 2024.”

Andrew Dansker

Constructed in 2009 on four acres, the investment real estate asset is located in the Flagler Station business park at 10325 Northwest 112th Ave. in Miami-Dade County’s Airport West submarket.

The location is one-half mile east of the Florida Turnpike and has a dedicated Florida Turnpike interchange that provides excellent access to every major transportation system in South Florida.

            The building has 110 parking spaces and two loading docks. It is surrounded by an eight-foot security fence with electronic and video surveillance.

  

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716