Older Industrial Building Inks $1M Lease

There’s still a demand for older, larger industrial buildings.
Copy Systems just inked a five-year lease at 5703 NW 35th Avenue in Miami, worth about $1 million.
Franklin Street Real Estate Services brokered the 56,973-square-foot lease. Franklin Street’s Joel Kattan and Hernan Prohaszka represented the landlord, Galei Opa, LLC. Cushman Wakefield’s Audley Bosch represented the tenant.
Last July, Kattan and Prohaszka represented the seller in the sale of the two industrial buildings located at 5701 and 5703 NW 35th Avenue to Galei Opa, LLC. Before Franklin Street took over marketing the properties, they were vacant and on the market for two years.
“Galei Opa intended to use both for its manufacturing operation, but later decided to operate solely from the 5701 building,” Kattan says. “Copy Systems was looking to move to a larger facility and decided to head east and leave the Doral area where rents are about $8 per square foot as opposed to $3.25 square foot average east.”
Source:  GlobeSt.

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