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| North Miami Business Park |
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| Douglas K. Mandel |
NORTH MIAMI, FL –
Institutional Property Advisors (IPA), a division of Marcus & Millichap
Inc. specializing in serving institutional and major private real estate
investors, is pleased to announce the sale of North Miami Business Park, a 12-building, 214,318-square-foot
business park located in North Miami, Fla.
The asset sold for $21,250,000, which equates
to approximately $100 per square foot.
IPA senior director Douglas K. Mandel and IPA director Benjamin H. Silver represented the
seller, a fund based in Boston, Mass., and the buyer, a limited liability
company from Coral Gables, Fla.
“The Aventura/North Miami
submarket has experienced tremendous growth over the past 20 years and the area
is constrained for industrial space,” says Mandel.
“Small-bay warehouse
properties are scarce and the opportunity to acquire one of the largest
small-bay warehouse parks in North Miami was especially coveted.
“We received tremendous
interest upon bringing the property to market and knew we would receive highly
competitive bids,” Mandel continues. “We established a call for offers date and
were able to exceed the list price by conducting a ‘best and final.’”
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| Benjamin H. Silver |
“The deal was awarded to a
local owner/operator who had previously owned the property and sold it for $21.75
million in 2005 at the height of the last market cycle.
The buyer anticipates
tremendous rental rate growth driven by increased demand for small-bay
warehouse space and the nearby development of SoLe Mia Miami, a joint venture
between Turnberry Associates and LeFrak, which will add 4,390 residences, 1
million square feet of commercial space and a 150-key room hotel,” Mandel
concludes.
Located between Biscayne
Boulevard and West Dixie Highway and just south of Northeast 151st Street,
North Miami Business Park is one of the Tri-County Area’s premier commercial
parks.
It is located at 1922 NE 149th St. midway between Miami and Fort
Lauderdale, with prime access to many of South Florida’s main traffic arteries,
ports and airports.
For a complete copy of the company’s news
release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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