Colliers International South Florida is pleased to announce the sale of the former Regal Kitchens property located at 8600 NW South River Drive, Miami, FL. The site, which consists of 8.6 acres of land, including a 171,000-square-foot warehouse, was sold to Megacenter, a company based in Chile, for $7 million. Colliers South Florida Director of Industrial Services Mort Fetterolf, Senior Investment Sales Associate Xavier Cossard and Chairman – Founding Partner Michael T. Fay, represented the total transaction.
“With land so scarce in the South Florida area, this property produced much interest, especially from institutional owners,” says Fetterolf. “Many of those parties were considering repositioning the property by tearing down the existing structure. The new owner will instead utilize the existing building.”
Buyer Megacenter specializes in reconditioning similar buildings in Chile. This site is their first purchase in the United States, and they have plans to renovate the existing building. The new owner will divide the renovated building into warehouse and full service office suites for lease, ranging from 4,000 to 20,000 square feet. Colliers International’s Fetterolf and Commercial Associate Erin Dee have been retained as the exclusive leasing agents. Competitive pricing offers and highly visible signage on the Palmetto is expected to attract tenants to the site quickly.
“We are pleased to have sold the property and are looking forward to the new concept at this great location on the corner of the Palmetto and Okeechobee Road,” adds Fay.
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