Zelonker, Spillers Handle $8 Million Sale Of Miami-Dade Warehouse

Brokers Danny Zelonker (pictured left), broker-partner at Coral Gables-based Real Miami Commercial LLC, and David Spillers, senior vice president at Fairchild Partners Inc., handled the $8.08 million sale of a 165,000-square-foot warehouse in northwest Miami-Dade County on July 17.
Industrial real estate giant Prologis Inc. purchased the property at 3333 NW 116th Street from 243 Realty Miami LLC, which is managed by veteran real estate investor Benjamin Atkins. No financing was involved.
Case Paper Co. Inc. is the primary tenant in the fully leased warehouse.
Atkins’ company paid $5.7 million for the facility in December 2011 and invested in renovations and other improvements, according to Zelonker. There was no public marketing of the warehouse before Prologis expressed interest.
“Atkins had no desire to sell it,” Zelonker said. But “he has been buying a lot of stuff in Wynwood. He’s always buying and selling” South Florida properties.
Once under contract, 243 Realty and Prologis representatives had to resolve a zoning issue with the property. A variance had to be obtained to ensure Case Paper had sufficient parking to accommodate the office portion of its 88,000 square feet in the facility.
Zelonker is now scouring the market for another property that Atkins can acquire for a 1031 tax-deferred exchange.
“His sweet spot is $5 to $25 million,” Zelonker said. “What he tells me is there is so much institutional money out there that it’s hard to compete” for more expensive properties.
Zelonker represented 243 Realty in the transaction. Spillers represented Prologis. He was assisted by Robert Comunale of Industrial Group Realty Inc.
 
Source:  DBR