MIAMI-Preferred Freezer Services has acquired 10 acres of land at 138th Street and 112th Avenue for $5.2 million. The acquisition comes as Preferred Freezer plans to construct a new 200,000-sf freezer facility.
The seller was Magic Investments LLC, which was represented by Cushman & Wakefield senior director Brian Smith. There were no other brokers involved in the transaction. Smith tells GlobeSt.com that the seller acquired the land as a speculative investment a few years ago. The seller had considered building a condominium warehouse on the site, but decided against it.
"We ran pro formas on building a condo warehouse on the site, but the market for that product has dried up," Smith says. "Values have increased enough in that marketplace to justify the sale."
The buyer acquired the site because it is adjacent to a Home Depot under construction and is in close proximity to an existing 200,000-sf Preferred Freezer Services facility at 13700 NW 115th Ave. in Medley. The company also has a facility at 12855 NW 113th Court in Miami.
Newark-based Preferred Freezer Services has 17 refrigerated warehouse facilities throughout the United States with five more under construction.
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