(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)
FORT LAUDERDALE, FL—A six-building industrial portfolio spanning nearly 220,000 square feet in Sunrise, FL has traded for $9 million. Maksanim LLC, an entity controlled by Genet Property Group, acquired the industrial asset.
CBRE marketed the asset for sale and negotiated the transaction on behalf of the seller, Sarahs Canal Co LLC. CBRE’s Scott O’Donnell and Miguel Alicvar brokered the deal.
The buildings were built between 1972 and 1984 and are located in the Cutler Bay area of Miami just north of the South Dixie Highway/Florida Turnpike junction. According to CBRE, the sale demonstrated strong demand among private investors for small bay value-add product that varies from the more common investments involving dock-high, bulk distribution space in core industrial submarkets.
“There was significant interest from local private buyer groups over out-of-state institutional groups, as these ‘hands on’ private groups are more familiar with the local market dynamics and therefore more adept at managing properties with numerous ‘non-credit’ tenants with shorter term leases,” O’Donnell says. “These buyers were attracted to the lower basis and ability to quickly capture rental rate increases in an improving market, much like multifamily properties with shorter term leases can.”
The portfolio includes 138 units with grade-level entries and predominantly small bays. Addresses for the six-building portfolio are 10510 SW 185th Terrace; 10700 SW 188th Street; 10918 SW 188th Street (two buildings); and 10715 and 10755 SW 190th Street. The tenant base is a blend of smaller, entrepreneurial businesses including automotive, housing-related businesses, contractors, caf