Cushman & Wakefield Arranges Sale Of Opa Locka Industrial Portfolio

Cushman & Wakefield announced the sale of the Opa Locka Industrial Portfolio, a collection of three buildings in Opa Locka.

Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, Rick Colon, and Skylar Stein of Cushman & Wakefield arranged the sale on behalf of the seller and buyer. The property was sold by Emerald Creek Capital and The O’Donnell Group and acquired by Faropoint.

“This offering presents a rare opportunity to acquire fully leased, functional industrial assets for below replacement cost in the coveted Miami industrial market. The portfolio also provides a clear path for future ownership to benefit from value upside through a mark-to-market strategy at the expiration of the in-place leases and optionality to spin off individual assets in the future at a premium to strategic users,” said Mike Davis, Executive Vice Chairman at Cushman & Wakefield.

 

“The sale represents a nice result for investors in a period of market uncertainty. The collective ownership group was successfully able to reposition the buildings and execute the lease up strategy while navigating a very difficult capital markets environment, said Christian Galanti, Managing Director at Emerald Creek Capital.”

 

“The O’Donnell Group sourced the original opportunity and, together in partnership with Emerald Creek Capital, executed our strategic business plan. We quickly retrofitted the assets post-acquisition and leased out the portfolio to a diverse mix of industrial tenants at rents above what we had originally underwritten, culminating in a successful sale within an eighteen-month investment timeline. We appreciate the hard work of all parties involved, particularly during this challenging interest rate environment,” said Oliver O’Donnell, Vice President of The O’Donnell Group.

 

“After opportunistically acquiring the assets off market in 2022 and successfully repositioning them within a year, the Seller was able to monetize their investment despite volatile market conditions through a competitive process which ultimately identified an experienced investment fund seeking to aggregate final mile class B logistics assets in South Florida,” said Miguel Alcivar, Managing Director at Cushman & Wakefield.

Opa Locka Industrial Portfolio’s three buildings total 138,979 square feet and are centrally located in the North Central Dade submarket of Miami at 12900, 13000, and 13001 NW 38th Ave. Each building features recent renovations, dock high loading and over 20-foot clear heights, with 13001 NW 38th Ave. also equipped with excess land for outdoor storage. The portfolio also provides exceptional access to transportation arteries like the Miami Opa Locka Executive Airport and Gratigny Expressway and is among other properties in the area that serve well-known users in the industrial sector.

“This acquisition demonstrates Faropoint’s strategic investment approach and effective execution, even in challenging capital markets environments. The asset’s micro-location and functionality cater to industrial tenants and are well-positioned in an area with increasing tenant demand and rent growth,” said Yannai Gordon, Senior Vice President at Faropoint.

The sale price was not disclosed.