Transwestern’s South Florida industrial team recently completed the sale of the warehouse facility located at 3690 NW 62nd St. At $11.6 million, the transaction is reportedly a record in the Hialeah commercial real estate market. The buyer was Alfoncito Investments, a principal of Rex Discount wholesale grocery, which will occupy the property.
Encompassing 122,000 square feet of prime industrial space, the standalone facility commanded roughly $95 per square foot in this most recent change of hands. Executive Managing Directors, Ben Eisenberg and Walter Byrd; Managing Director, Thomas Kresse; and Vice President, Carlos Gaviria, represented the seller, Thirty Six Ninety LLC, in the transaction.
The last time this warehouse traded hands was in 2004, when it sold for $4.75 million, or roughly $39 per square foot.
“A centralized location and a lack of new product under construction have kept Hialeah’s vacancy below Miami’s already low levels,” said Keith Pierce, Transwestern vice president of research. “South Florida continues to face rising demand for quality industrial product based on its status as a gateway to Central and South America.”
According to Transwestern research, Hialeah closed 2020 with 5.3% vacancy, while Miami ended the year at 5.6%.
“This asset was widely marketed to investor and occupier communities, resulting in a highly competitive negotiation and a record-setting price for a vacant building in the submarket,” Eisenberg said. “With more than 3 million consumers within a 15-mile radius, this transaction presented an exceptional opportunity for the buyer to acquire a flexible, high-quality property in a prime, last-mile delivery location.”
This deal continues what has been a successful few months for Transwestern Real Estate Services. For instance, in 2020 alone, the South Florida industrial leasing team closed more than 3 million square feet in transactions, valued at $152 million. Then, at the start of this month, the company announced the signing of a nine-year lease with Technicolor in Atlanta. The deal included a 53,188-square-foot lease at 4855 Peachtree Industrial Blvd. in Norcross, which brought the property up to 92% occupancy. It was the largest new lease completed in the Peachtree Corners submarket in 2020.
Meanwhile, in Northeastern Pennsylvania, Transwestern recently completed an off-market deal to acquire a 64-acre site off Highway 6. Here, the company plans to develop Jessup Logistics Center — a 750,000-square-foot speculative industrial project that is scheduled to break ground this month. It’s due for completion in Q1 2022.
The company also broke ground on two speculative industrial projects in Fontana, Calif. Encompassing 483,500 square feet, both facilities are scheduled for delivery before the end of this year. Specifically, both the Almeria Logistics Center and the I-10 Commerce Center boast excellent locations adjacent to interstates 10 and 15, which guarantee first-class access to the entire Southern California region for any future tenants.