CBRE arranged the sale of a six-building industrial portfolio totaling nearly 220,000 square feet for $9,000,000 to Maksanim LLC, an entity controlled by Genet Property Group, Inc. based in Sunrise, FL. CBRE marketed the asset for sale and negotiated the transaction on behalf of the seller, Sarahs Canal Co LLC.
The buildings were built between 1972 and 1984 and are located in the Cutler Bay area of Miami just north of the South Dixie Highway/Florida Turnpike junction. The portfolio consists of 138 units with grade-level entries and predominantly small bays. Addresses for the six-building portfolio are 10510 SW 185th Terrace; 10700 SW 188th Street; 10918 SW 188th Street (two buildings); and 10715 and 10755 SW 190th Street. Tenants comprise a mixture of smaller, entrepreneurial businesses including automotive, housing-related businesses, contractors, cafés and a cross-fit gym.
CBRE’s Scott O’Donnell said, “The offering received a great deal of interest from private capital groups. We were fortunate to identify Genet Property Group because of their deep experience in owning and operating small-bay warehouses, and ability to recognize the significant value enhancement opportunity that exists long-term.”
Purchaser Genet Property Group owns a mixture of multifamily, office and small-bay industrial in Broward and northern Miami and was looking to expand their footprint in Miami.
“Mr. Genet was attracted by the opportunity to acquire a critical mass of product located in an area that has strong growth projections and is poised to benefit from a rebounding economy and housing market,” added CBRE’s Miguel Alcivar.
O’Donnell and Alcivar are members of the Private Capital Group (PCG) team that focuses on office, industrial and land investments in South Florida. Team members Dominic Montazemi and Marty Busekrus joined O’Donnell and Alcivar in representing the seller. CBRE industrial specialists Devin White, David Albert and Andrew Lehrer of the Miami office also assisted as leasing advisors in the transaction.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.