Sperry Van Ness Commercial Realty has brokered the sale of two Airport West warehouse properties in separate transactions totaling $3.789 million.
Joel A. Kattan and Hernan Prohaszka, Senior Advisors of Sperry Van Ness Commercial Realty represented the seller in both transactions.
In the first transaction, Kattan and Prohaszka represented GK Miami Properties in the sale of its 22,004 square foot industrial property for $1.68 million. The buyer, NCM Supplies, is a first-time buyer previously leasing space in MICC (Miami International Commerce Center). Built in 1982, the property, located at 8125 NW 64th Street, is the former headquarters of K.G. International which moved to a newer and larger facility in Doral. Kattan and Prohaszka also brokered that transaction in November of last year.
“The buyer was very cautious in its selection process,” said Kattan. “We showed them the property a couple of times and it took four months before they made an offer. But, we knew that they liked the building and it met all their needs, so we kept in touch with them knowing that when they were ready they would come back.”
In the second transaction, Kattan and Prohaszka represented 8465 Realty, LLC in the sale of a 59,500 SF facility to Controller U.S.A., LLC, for a total of $2.1 million. The Airport West facility, which is comprised of three buildings, was built in phases with the last building being completed in1993.
“This was a tough transaction because although the property has a lot of great attributes and is in an ideal location, it does not have the loading or parking that most users require, as the construction of the third building limited the space,” says Kattan. “However, we were confident that the right buyer was out there and it was only a matter of time.”
Kattan and Prohaszka say that these transactions are indicative of what they are seeing in the market. “Many of the buyers we’re working with today are owner/users that are also first time buyers,” says Prohaszka. “And with that in mind, many require SBA or seller financing. I feel a lot people that were previously holding off are now taking action, fueled by the overall market confidence and the excitement surrounding Miami’s industrial market.”
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