The industrial flex warehouse located along NE 189th Street in the high barrier-to-entry market of Aventura (Miami MSA) offered both stable income with additional upside, given the size and liberal zoning of the parcels as well as the prime location and strong opportunity for redevelopment.
The multi-phased, $38.5-million project totals over 850,000 square feet of Class A warehouses.
SMITH Commercial Real Estate Group intends to expand in market share and relationships and become the premiere boutique industrial and commercial real estate brokerage in South Florida.
The deals are valued at over $55 million.
CBRE’s Nicolas Palazzo and Andrew Fernandez brokered the deal.
The 103,000-square-foot warehouse project is a joint venture between Orlando-based Cadence Development Partners and New York-based Clarion Partners.
Gian Rodriguez, Wayne Ramoski, and Skylar Stein of Cushman & Wakefield will oversee leasing efforts for both speculative and build-to-suit development on behalf of the developer and owner, Bridge Industrial.
All Florida Paper will occupy the entire 226,698 square foot building.
The project will cater to a variety of tenant space needs with planned buildings ranging from 165,000 to 900,000 square feet. The first building is set to be delivered in late 2023.
The assemblage includes three free-standing warehouse buildings totaling 28,306 square feet of renovated industrial/flex space on a 41,026-square-foot lot in the heart of Miami’s Little River Business District.