Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing of two industrial properties totaling 105,600 -square feet located in Miami, FL, according to Ryan Nee, Regional Manager of the firm’s Fort Lauderdale office. The two assets are listed for a combined price of $14,200,000.
Benjamin H. Silver and Sebastian Misiewicz, investment specialists in Marcus & Millichap’s Fort Lauderdale office, have the exclusive listing to market the properties on behalf of the seller.
“Small bay warehouse investments are the crown jewel of commercial properties, especially in a recessionary market. The demand for these assets has never been greater. These opportunities do not present themselves very often as most landlords want to hold on to these properties for the long run.” says Silver, a Senior Director of the National Office and Industrial Properties Group within Marcus & Millichap.
19th Avenue Business Park is located at 13700 NW 19th Ave in Opa-locka, FL. The property is comprised of 36 warehouse spaces averaging roughly 2,200 square feet each. The Property has historically operated at or near capacity with current occupancy at 100 percent consisting of 18 total tenants within ideally configured spaces each with grade level overhead doors, 18-foot clear heights and concrete twin-t roofs. This impeccably maintained asset is the best in class option for local businesses and has a loyal tenant base; in the event that space ever becomes available, its immediately filled at a higher rent due to huge demand for the product year of construction.
151st Street Small-Bay Warehouse is comprised of 12 small-bay warehouses spaces each consisting of 2,000 square feet. The Property has operated at or near capacity with current occupancy at 100 percent consisting of 10 total tenants within ideally configured spaces. The Property is approved for auto, which is difficult to obtain and creates exception leverage for the landlord knowing the tenants have few options in the market. The high barriers to entry for this use will allow a new owner to push rental rates and command a premium for the space.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
