Avison Young Arranges Sale Of Hialeah Industrial Building

Avison Young successfully arranged the sale of a 109,000-square-foot industrial property located in Miami’s Hialeah submarket at 7400 NW 37th Ave for $9.1 million.

The single tenant, RAM Steel Framing, will continue to operate its robust steel manufacturing headquarters for South Florida’s ever-growing skyline.

Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Brian C. de la Fé represented the seller, Plage Associates LLC, and the buyer, Miami-based Azora Exan. The team previously arranged the sale of the building to Plage Associates LLC in 2020 for $7.5 million.

“Industrial properties across South Florida continue to be in high demand as net absorption has been positive year-over-year since 2010 with the Hialeah submarket boasting the third-lowest vacancy rate in the region according to Avison Young’s second quarter 2024 research,” said Duckworth. “In addition to the property’s prime location, the tenant’s continued investment in the building, including a new roof and renovated office space, and strong track record as the largest steel manufacturer in South Florida, made this building very attractive to the buyer.”

Strategically located approximately three miles from Miami International Airport and six and a half miles from PortMiami, the property benefits from easy access to the region’s major transportation hubs and immediate exposure to a large labor force from Hialeah’s booming population.

“Acquiring this property not only reaffirms our commitment to expanding our presence in the Miami industrial sector, but also underscores our confidence in its sustained growth and potential. We are eager to build upon our portfolio in South Florida and enhance value for our investors,” commented Tomas Von Hartz of Azora Exan.