SVN Commercial Partners Announces Record Breaking Sale Of Miami Industrial Property

SVN Commercial Partners (SVNCP) is pleased to announce the sale of a ±15,800-square-foot, small bay warehouse located at 990 West 23rd Street in Hialeah for $2,900,000.

With a sale price of ±$185 per square foot, the sale established a new high watermark for small bay warehouses.

“The industrial market continues to be exceptionally hot, with buyers outnumbering sellers by a wide margin,” stated ROI (Retail, Office, and Industrial) Partners Team Leader Adam H. Klein. “We received over ten competitive bids in less than three weeks, resulting in a closing $300,000 above list price for our client.”

The 100%-occupied, 15,812-square-foot warehouse sits on almost 1-acre of land with 45 surface parking spaces and 10 bays ranging in size from 950-3,500 square feet. The property is positioned in a premier location just north of the Hialeah Expressway with ease of access to I-95 and the Palmetto Expressway and traded at an in-place cap rate of 5.6%.

“We are very excited that the SVN difference allowed for a fully collaborative success story on this listing,” says Elon Gerberg, ROI Partners Team Leader. “Since Joining SVNCP, ROI Partners has generated approximately $75 million in exclusive listing assignments in our first 100 days, which is a testament to the platform and provides a bright outlook for 2022.”

Aldo Briolo from Cervera Real Estate represented the buyer in the transaction.