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.
The transaction equated to $176,944 per unit.
Klein and Gerberg represented the buyer, Brickbox Management LLC, in the transaction.
The SVN Commercial Partners (SVNCP) Multifamily Team, comprised of Team Leaders Steven Paulsen, John Andrews and Junior Advisor Mason Highman, represented the seller in the sale.
NewRock Real Estate Partners LLC and Brickbox Properties purchased the asset from Schulz and Schulz Realty.
The property sold for $532 a square foot, which reflects a 4.11% cap rate.
The fully-occupied retail plaza features 138 feet of frontage along North State Rd 7 (US Highway 441), benefiting from a daily traffic count of over 52,000 vehicles.
Combined, the entities have a primary market area that covers all of south and southwest Florida with a combined 4 offices.
With a sale price of ±$185 per square foot, the sale established a new high watermark for small bay warehouses.
Formerly of Marcus and Millichap, the pair has been chosen to lead the newly formed ‘ROI Partners’ (Retail, Office, and Industrial) at SVNCP.