SVN | Commercial Partners (SVNCP) Retail Office and Industrial Team Leaders Adam H. Klein and Elon Gerberg were the exclusive listing brokers in the sale of a ±35,000-square-foot Miami industrial property located at 2655 NE 189th Street & 2660 NE 189th Street in Miami.
Aventura Pointe LLC purchased the asset from 189 St Inc for $10,750,000, which equated to $307 per-square-foot. The deal closed August 25, which contracted after a multiple bid call for offers.
“Exceeding $300 per square foot for industrial products is notable, even in the highly desired Miami-Dade market,” Klein said. “In the face of the economic uncertainty, our team is still seeing robust demand for well-located industrial assets.”
The industrial flex warehouse located along NE 189th Street in the high barrier-to-entry market of Aventura (Miami MSA) offered both stable income with additional upside, given the size and liberal zoning of the parcels as well as the prime location and strong opportunity for redevelopment. Roberto Susi of Axiom Advisors also consulted on the transaction for the Buyer.
“Through a collaborative marketing process, we were able to achieve more than 10 offers, and close in a compressed time frame at a 4.2% cap rate,” stated Gerberg.
This transaction represents an ongoing track record for Klein and Gerberg, who lead ROI Partners at SVN Commercial Partners. Since founding this team last year, the two have successfully put under contract or sold 17 properties in addition to the inventory they are currently marketing.
“Adam and Elon have brought a combination of great brokerage fundamentals, expert market knowledge, and a collaborative approach to sales to SVN,” said Managing Director Scott Maesel. “This process has yielded them one of the most impressive sales in Miami-Dade and is further demonstrated by the almost $100 million in listings, pending contracts, and contracts they have brought to the firm in a very short period.”
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