Ecological Paper Recycling has just opened their facility at 2330-2350 NW 149th Street in Opa-Locka.
The former home of Vita Spas , the 165,121 square foot building sold for $1,250,000.
Ted Konigsberg of Infinity Commercial Real Estate represented the Sellers, DM Industries, Ltd. and Central Farms, Ltd. Raul Bode of Florida Corporate Realty and Mike Sigerman of Lucky Commercial Realty represented the Buyer, Ecological Property Holding, LLC.
Ted Konigsberg noted the sale of this building, which covers a full city block, was a very difficult transaction, even at the low recorded price: “When the seller filed for bankruptcy, the City of Opa Locka lost literally hundreds of jobs. The building had serious deferred maintenance and had experienced extensive vandalism. The buyer’s mortgage had to cover not just the purchase price, but the cost of repairs. Financing was difficult, but Bank United saw the potential and funded the deal. The City has gained hundreds of jobs, the Buyer got a great deal, and the investment he is making in improvements will help the entire neighborhood recover from the effects of the bankruptcy. In addition, the buyer recycles waste paper into bath and facial tissues, providing a real benefit to the environment!”
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.