MIAMI, June 4, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 52,466-square foot warehouse in the Airport East submarket of Miami. The asset sold for $4,260,000 representing $81 per square foot. The property most recently sold for $3,000,000 in September of 2012 representing a 42% increase.
Alex D. Zylberglait, a first vice president investments, and Joseph Phelps, an associate, in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Miami, and the buyer, a limited liability company from Doral was represented by Globalvest Realty.
“This was an excellent opportunity for a user to acquire an updated warehouse with dock high loading just minutes from the Miami International Airport which fit the needs of their business,” says Phelps. “Vacancy is at a five year low in the area with rent per square foot in the Miami Airport East market at pre-recession highs. With high demand for dock high space the area has seen significant leasing activity over $9 per square foot industrial gross for dock high space.”
The building is located at 2500 NW 74th Avenue on the corner of NW 74th Avenue and NW 25th Terrace, just blocks away from Miami International Airport. It is zoned IU-2 which allows heavy manufacturing.
The building has a total of eight loading doors which include six dock high bays and two street-level loading bays. The max clear height in the building is 30 feet with a steel roof and a complete high pressure sprinkler system. The lot is completely fenced with electronic gates and 36 parking spots. There is also 4,000 square feet of modern office space which was updated in 2012.