Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 19TH Ave Business Park, a 81,600-square foot industrial property located in Opa-locka, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for full price at $11,000,000.
Benjamin H. Silver and Sebastian Misiewicz, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an investment fund, was also secured and represented by Benjamin H. Silver and Sebastian Misiewicz.
“This sale’s price per foot represents a record for small-bay warehouse trades in the immediate area. Not only did this price eclipse a previous record we set last year by 30% but it was marketed and closed during a pandemic. This loudly demonstrates both the strength of the market in South Florida, and the desirability of the product, which is being viewed by investors as both recession and pandemic-proof,” Says Silver
19TH Ave 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. It has
historically operated at or near capacity with current occupancy at 100 percent consisting of 18 total tenants within ideally configured spaces. The Property is extremely well located off the Golden Glades Interchange which merges the major roadways in South Florida including Interstate-95, the Palmetto Expressway, and The Florida Turnpike. The proximity to these roadways provides an ideal location for local business as an accessible outlet throughout Miami Dade.
The configuration of the warehouse spaces, best-in-class product and strong local market has helped the current ownership push rents at the property to an average rate of $12.05 per foot with new leasing activity at even higher rates.
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.
