94,000 SF Sunshine State Industrial Building Changes Hands

Napolitano Commercial Properties principal Marc A. Napolitano, CCIM, exclusive listing broker, represented building owner Rogover Building, LLC in the sale of 1190 NW 159th Drive in Miami Gardens, to T.M.C. Inter-American Corp.
T.M.C. was represented by The Katsikos Group‘s Lee Katsikos and Richard Sanchez.
The industrial building is located within the Sunshine State International Park, a 330-acre industrial park with over 5 million square feet of industrial space, located in the City of Miami Gardens.
The demand for quality industrial buildings for sale within the region was demonstrated by the rapid and fevered offers this building received. Many full-price offers were received within days of the building being marketed for sale. Napolitano Commercial Properties had over 10 showings within the first few days of the property hitting the market. So many offers were received within the first week that brokers were forced to go back to those that submitted offers to obtain their best and final offers, which resulted in the sale of the property for $6,234,500, or $66.51 per square foot., substaintially above the asking price of $5,895,000
The deal closed within 60 days of contract date.
The building will be utilized for distribution by building materials distributor Imeca Lumber as an additional location to other buildings the company owns in South Florida.
One of the main reasons for Imeca’s interest was the use of the rail siding afforded the building. Getting the contract closed within the 60 days allotted required diligent work among buyer, seller, brokers and CSX and FDOT to activate and existing rail spur adjacent to the building.
The building was built in 1966, and, with an addition that was completed in the early 1970’s, totals 93,724 square feet. The building features 22’ clear ceilings, heavy power, rail siding, and sits on just over 4-acres of land.
Napolitano Commercial Properties has been serving South Florida’s commercial and industrial real estate markets for 40 years. As a Developer and Property Manager, Napolitano also offers full brokerage services including Leasing, Sales, Development, Consulting and Tenant Representation.
Marc A. Napolitano, CCIM has more than 32 years of experience in the local South Florida real estate markets.