SVN Commercial Realty announce the sale of ±9.14 acres of industrial land located in Medley for $5,300,000.
Joel A. Kattan and Anthony Peragine of SVN Commercial Realty represented the seller, BPL Family, LLLP in the transaction, which closed on September 6.
The site, located at 11100 NW South River Drive, is platted, filled and ready-to-build. Sea Vee Boats, the buyer, plans to develop this location into a premiere boat manufacturing facility and consolidate its operations to one, central location. Sea Vee currently has five locations throughout South Florida.
Joel and Anthony represented the Seller and were the only brokers in the transaction. The property was listed for sale for almost five years. It took multiple contracts and buyers, with mostly industrial developers/investors, to find a true user who could build a facility onsite. More 30 years ago, the former Pepper Steel and Alloy site was badly contaminated and made part of the Superfund Redevelopment Initiative by the EPA. After undergoing a complete and thorough clean up, the site now houses an underground monolith that contains the cleaned up soils. Today, the site is environmentally clean; however, the underground concrete monolith prevented many developers from being able to build in a cost effective manner. Thanks to everyone’s efforts at the time, including the EPA, the site was highlighted as a “Return to Use Demonstration Project.”
“With the very limited inventory of land parcels in this size range anywhere in Miami -Dade County that are truly available, not contaminated, and that would also allow for construction of a warehouse this size to be used as a boat manufacturing plant, we feel that this site represents the perfect location for Sea Vee’s new state- of- the- art headquarters,” says Joel Kattan, Senior Director at SVN Commercial Realty’s Miami office.
Anthony Peragine, Senior Advisor with SVN Commercial Realty’s Miami office sums up the deal in saying “we feel this transaction closed at a fair market price given today’s conditions.” Peragine adds, “ Sea Vee’s future facility on this site will surely represent a valuable addition to the Town of Medley.”
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