Industrial Building Sale In Hialeah Sets Record

Transwestern Real Estate Services’ South Florida industrial team has negotiated the sale of a 122,000-square-foot industrial property at 3690 NW 62nd St. in Miami’s Hialeah submarket.

Executive Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse and Vice President Carlos Gaviria represented the seller, Thirty Six Ninety LLC, in the transaction.

SVN Commercial Realty’s Joel Kattan and Anthony Peragine represented Alfoncito Investments Inc., which purchased the asset for $11.6 million, or $95 per square foot. The buyer, a principal of Rex Discount wholesale grocery, will occupy the free-standing building.

“This asset was widely marketed to investor and occupier communities, resulting in a highly competitive negotiation and a record-setting price for a vacant building in the submarket,” said Eisenberg. “With more than 3 million consumers within a 15-mile radius, this transaction presented an exceptional opportunity for the buyer to acquire a flexible, high-quality property in a prime last-mile delivery location.”

According to Transwestern research, Hialeah ended 2020 with 5.3% vacancy compared to Miami at 5.6%.

“A centralized location and a lack of new product under construction have kept Hialeah’s vacancy below Miami’s already low levels,” said Keith Pierce, Transwestern Vice President of Research. “South Florida continues to face rising demand for quality industrial product based on its status as a gateway to Central and South America.”

Over the last several years, Transwestern has expanded its reach and capabilities in the region. In 2020, the industrial leasing team closed more than 3 million square feet in transactions valued at $152 million.

 

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