Avison Young has been awarded the exclusive sale listing for a ±250,000-square-foot office/warehouse building located at 1000 SE 8th Street, approximately one mile from Miami International Airport, in the emerging live/work area of Hialeah.
Jay A. Ziv, CCIM, Senior Vice President with Avison Young, will facilitate the marketing and sale of this property, one of the area’s largest listed warehouse of its kind and one of a limited number of large-scale industrial assets in Miami-Dade County.
“Due to PortMiami and Panama Canal expansions, city and county officials anticipate significant increases in the cargo coming through Miami which will bode well for the entire County, including property owners and businesses,” added Ziv. “The strength of Port activity – both in cargo and in people – has been driving the local economy for decades. According to the Beacon Council, Miami-Dade County’s official economic development partnership, there has been a 13 percent increase in cargo traffic since 2009. With the expanded infrastructure of PortMiami, which will accommodate increased inflow, the strategically positioned 1000 SE 8th Street listing will appeal to a wide-range of savvy buyers locally and regionally, particularly owner-users.”
The 1000 SE 8th Street property consists of ±250,000 square feet overall, which includes ±50,000 square feet of mezzanine space, ±6,000 square feet of office space, 14 dock height doors, 22-foot clear ceiling height, and $2,000,000 in recent capital improvements.
Falic Fashion Group (umm… really? Falic? You know you were thinking it too!) and its related companies currently own and occupy the building. Ziv previously brokered the sale of the property to this group in 2008 and was tapped once again to sell it as a result of the long-term relationship and his in-depth market knowledge and experience which will lead to identifying the most ideal and qualified buyers for this unique, well located asset.
“The asset is perfectly situated within Hialeah Market Station, an 80-acre transit-oriented development (TOD) Overlay District to accommodate mixed-use projects and is within walking distance to the Tri-Rail station.” said Ziv. “The attributes of this live/work overlay district, combined with the new mixed-use zoning in the area allowing for greater density at up to 15-story heights, make this a rare investment opportunity. Future redevelopment possibilities include commercial, retail, and/or residential uses.”
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