CBRE has arranged the $8.35 million sale of a 42,000-square-foot last-mile warehouse in Miami’s South-Central submarket to PEQ Acquisitions LLC.
Located at 3320-3567 NW 33rd Street, the building was fully leased to nine tenants at the time of closing.
“Small bay industrial properties are in tremendous demand, but are a rare asset to procure. Due to redevelopment, there is diminishing supply of this asset while construction costs are too high to justify new development,” said CBRE’s Genet, an executive vice president in South Florida. He added, “We identified the property off-market and secured the buyer directly, while also structuring the seller financing.”
According to CBRE Research, Miami’s industrial market reported above-average levels of demand during Q1.
“We are delighted to have closed on this strategically located building, which perfectly fits in line with our last mile thesis; namely buying ‘ultra-urban warehousing’ where there is demonstrably shrinking supply, coupled with insatiable demand for quality light industrial space. The proximity to Wynwood, Downtown, Hialeah and Brickell was extremely appalling. Our team are looking forward to rebranding the asset as ‘Miami Centre of Commerce’ and further supporting both our long-term tenants and quick commerce companies that are changing the way we live,” said Daniel Abrahams, Managing Partner, ODAN Capital
“Larry and the team at CBRE were an absolute pleasure to work with. They knew exactly our buying profile and data driven approach, which led us to this terrific asset. Throughout the process, the team were responsive, transparent and solution orientated. We look forward to transact again in the near future with CBRE,” added Oniel Samuel, Managing Partner, ODAN Capital
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