MIAMI-Call it a sign of the improving times in Miami’s industrial market. A vacant warehouse that sat on the market for more than two years has finally sold.

At $3.9 million, the sales price equals $31.97 per square foot, marking one of the largest vacant owner/user warehouse sales in Dade County this year. The 122,000-square-foot industrial property is located at 5701-5703 NW 35th Ave. in Miami.

The buyer, Galei Opa, LLC, is a local company that plans to relocate its manufacturing operation to the site. Located in the Airport East submarket, the property features high ceilings, heavy power, CSX rail access, many dock doors and sewer connections.

"The buyer was previously under contract to purchase an REO property from a bank in nearby Opa Locka, but it was taking too long, which prompted them to walk away," Franklin Street senior director Joel Kattan tells GlobeSt.com. "The purchase of these properties will allow the buyer to consolidate his businesses, some of which were based in New York."

Kattan and Hernan Prohaszka represented the seller and were the only brokers involved in the transaction. The deal included short-term seller financing and was under contract for less than 60 days.

"Making a sale happen after two years of inactivity required intensive on-the-ground marketing," says Kattan. "More so than with other types of properties, industrial brokerage yields better results when approached the old-fashioned way. We put together a strong traditional marketing plan, introduced the property in nearby submarkets where we’ve done business and within six months we had numerous offers and experienced more activity than our client has seen in years."

Franklin Street’s strategy was to mail "just listed" postcards to potential buyers in surrounding submarkets aware of the opportunity, as well as passing out flyers, knocking on doors and meeting as many owners and tenants as possible in the area. The sale closed within six months of Franklin Street being retained.