Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, is pleased to announce the sale of North Miami Business Park, a 12-building, 214,318-square-foot business park located in North Miami.
The asset sold for $21,250,000, which equates to approximately $100 per square foot.
IPA senior director Douglas K. Mandel and IPA director Benjamin H. Silver represented the seller, a fund based in Boston, Mass., and the buyer, a limited liability company from Coral Gables.
“The Aventura/North Miami submarket has experienced tremendous growth over the past 20 years and the area is constrained for industrial space,” says Mandel. “Small-bay warehouse properties are scarce and the opportunity to acquire one of the largest small-bay warehouse parks in North Miami was especially coveted. We received tremendous interest upon bringing the property to market and knew we would receive highly competitive bids,” Mandel continues. “We established a call for offers date and were able to exceed the list price by conducting a ‘best and final.’”
The deal was awarded to a local owner/operator who had previously owned the property and sold it for $21.75 million in 2005 at the height of the last market cycle.
“The buyer anticipates tremendous rental rate growth driven by increased demand for small-bay warehouse space and the nearby development of SoLe Mia Miami, a joint venture between Turnberry Associates and LeFrak, which will add 4,390 residences, 1 million square feet of commercial space and a 150-key room hotel,” Mandel concludes.
North Miami Business Park is located at 1922 NE 149th St., midway between Miami and Fort Lauderdale, with prime access to many of South Florida’s main traffic arteries, ports and airports.
Mandel, along with Alex D. Zylberglait, an office and industrial specialist in Miami, were recently named Marcus & Millichap senior vice president investments, according to John J. Kerin, president and CEO.
The commercial real estate investment services firm named nine senior vice president investments in total, with Mandel and Zylberglait the only two from Florida.
“The senior vice president investments designation is one of the highest achievements a Marcus & Millichap investment professional can attain,” says Kerin. “This newly designated class of senior vice presidents investments, all previously first vice presidents investments, have demonstrated exemplary leadership and excellence in investment property sales, and are truly meritorious of this honor.”
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