Sperry Van Ness Commercial Realty has brokered the sale of a freestanding warehouse property located at 5750 NW 32nd Court in Miami for $3,600,000.
Joel A. Kattan and Anthony Peragine represented the buyer, Guixco 5750, LLC., and were the only brokers involved in the transaction that closed on November 3.
The buyer, represented by Sperry Van Ness Commercial Realty, had been seeking to acquire the +/- 75,450 square foot warehouse property, which sits on approximately 2.88 acres, for approximately five years. During that time, Kattan and Peragine submitted multiple offers on buyer’s behalf with no success. Last year, one of the two partners that built and owned the property since 1959, passed away and his heirs had no interest in continuing ownership of the property. Ultimately, a sale was mandated via court mediation.
“The buyers own the adjacent properties to the north and need the additional space, so the property is a natural fit for their expansion needs,” says Kattan, Senior Director at Sperry Van Ness Commercial Realty. “Their patience paid off, particularly since the market has changed dramatically since we agreed to terms and went under contract well over a year ago,” added Kattan.
When agreed to, the deal was at market; however, the $47.71 per square foot price is now considered to be well below market. Kattan attributes the recent appreciation of industrial properties throughout Miami-Dade to the low cost of capital, limited inventory, and strong demand for warehousing from both end users and investors.
“Specifically, in the Airport East sub-market, we are capturing users that got ‘bought out’ of their sub-markets such as Wynwood, Little River, Allapatah, and the Design District,” says Kattan “and it’s primarily due to re-development and changes in zoning of industrial properties.”
“Working with Joel and Anthony was great,” says Rick Maury, General Manager of Guixco 5750, LLC, “Their patience, persistence, and professionalism were an essential part of this transaction’s success.”
Anthony Peragine, Senior Advisor at Sperry Van Ness summarizes the sale by stating, “this off market transaction resulted in a great deal for our client,” he says, “After five years of trying to acquire this building, we were able to secure the property, and at an excellent price.”
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