CBRE Executive Vice Presidents Larry Genet and Tom O’Loughlin, along with Associates Noah Ohayon and Zack Krawiec, negotiated the sale of a free-standing ±32,082-square-foot distribution center located at 900 Northwest 159th Drive within Sunshine State Industrial Park in Miami Gardens.
CBRE represented owner GK Florida Realty LLC in the transaction.
SATCO Lighting built the facility for its own use in 1976. After leasing space in the area to accommodate overflow, the company needed a long-term solution and greater storage capacity. Fortunately, EastGroup Properties was constructing Gateway Commerce Park within very close proximity. SATCO was able to lease 95,000 square feet and will be able to retain all employees while adding to its staff and shipping capacity.
Faropoint purchased the asset, which is situated on a ±57,000-square-foot lot, for $6,100,000 and has retained Genet and O’Loughlin to lease the warehouse, which is undergoing a full renovation.
“The property is well located near the Golden Glades Interchange, offering direct access to South Florida’s main transportation arteries,” commented Senior Vice President and Florida’s Market Officer Yannai Gordon. “The asset is a functional second-generation warehouse which includes dock-high loading, ample employee parking, heavy power, and 20” clear height – optimal for a variety of use cases. Our plan is to improve the office and warehouse space to enhance the leasability, quality and functionality of the property. The closing of this asset marks Faropoint’s 12th acquisition in Florida over the last 12 months since launching the local office. We look forward to accelerating our deployment across Florida, backed by a long-run conviction in the demand for last-mile logistics.”
Faropoint is a tech enabled real estate asset manager that leverages data and deep market relationships to achieve superior risk-adjusted returns.
The deal closed December 6.
“After successfully relocating SATCO to a Class A 95,000 SF warehouse in Miami Gardens, our team is delighted to have closed this sale,” added Genet. “This is our team’s thirteenth deal in the submarket in the last 2 years.”
Genet, O’Loughlin, Ohayon and Krawiec have been retained by Faropoint to lease the property. The distribution center features 20’ clear height with 5 dock-high doors, 1 20×15 oversized recessed dock with a pit leveler in the front and 4 side recessed docks as well as incredible transportation dynamics to move throughout South Florida and the state with easy access to major thoroughfares via the Golden Glades Interchange. The Golden Glades Interchange also serves as an East-West connector to many affluent areas such as Golden Beach, Aventura, Sunny Isles Beach, Surfside, Bal Harbour and North Beach.
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