Marcus and Millichap’s Alex Zylberglait and Joe Phelps tapped to market a unique industrial redevelopment opportunity in Miami-Dade.

At a time when South Florida’s industrial market is booming and industrial land is becoming scarce, Marcus & Millichap’s Investment Broker Alex Zylberglait and Associate Joe Phelps have been tapped to sell a 488,232 square-foot industrial property near Aventura. The asking price is $13 million.

This 11-acre redevelopment opportunity currently has three warehouse buildings totaling 52,462-square-feet. The site is located along I-95 at 17707 Northwest Miami Court and midway between the Miami International Airport and Fort Lauderdale International Airport. The property’s strategic location provides easy access to the Port of Miami and Port Everglades (Fort Lauderdale).

“It’s uncommon to find an industrial listing of this size in Miami-Dade County,” said Zylberglait. “As the industrial market continues to tighten with only a 4.7 percent vacancy rate, I expect this property to sell quickly.”

The property - with over 800 feet of frontage along I-95 - is zoned IU-2 (Heavy Manufacturing District), which allows for a wide variety of industrial and office uses. Under the current zoning, the site could see redevelopment of about 250,000 square feet. At this moment, the property is being occupied by multiple businesses and generates a net income of $85,000 to $100,000 per month.

According to the latest Marcus and Millichap industrial report for Miami-Dade County, the current business cycle has fostered tremendous demand for product near major transportation routes and distribution hubs. With this industrial property strategically located near I-95, US441 and SR 826 (Palmetto Expressway), Zylberglait says the property is ideal for regular or large-scale industrial use, a distribution center or even an entertainment destination.

About Alex Zylberglait:

Alex Zylberglait is Senior Managing Director of Investments in the Miami office of Marcus & Millichap. Since joining the firm in 2003, he has closed more than $600 million in deals involving office, single-tenant net-lease, industrial, land and retail properties ranging in value from $1 million to $20 million. More than 15 years of brokering deals in South Florida gives Alex in-depth knowledge of the Miami market and the ability to deliver first-hand intelligence on properties and market conditions to optimize execution. Alex and his team of commercial real estate specialists provide detailed market analysis, underwriting and investment services to his clients. Raised in South America, he is bicultural and bilingual, allowing him to work well with domestic and Latin American investors.