The Real Deal Miami

Hialeah warehouse facing foreclosure sells for $6.5M

The $50 per square-foot sale was the highest in years for the area

September 10, 2014 02:15PM

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1000 Hialeah Drive

1000 Hialeah Drive

A warehouse in Hialeah was saved from foreclosure after it sold for $6.5 million — a considerable profit.

In October 2013, Wells Fargo Bank filed a foreclosure lawsuit against Furniture Mart, along with managing members Mahmoud Salem, Naief Salem and Juma Salem, according to the South Florida Business Journal.

The foreclosure concerned a $3.8 million mortgage issued in 2006, the same year the owners acquired the 127,867-square-foot building, located at 1000 Hialeah Drive, for $4.8 million.

But now the building has sold again for $50.83 per square foot — the highest price in recent years for a warehouse of more than 100,000 square feet in the Airport East submarket, according to Sperry Van Ness Commercial Realty brokers Joel Kattan and Anthony Peragine, who represented Furniture Mart.

“Airport East remains a great alternative location for warehouse users, and even at these prices, it is the cheapest industrial submarket for functional buildings in Miami-Dade,” Kattan said. “Just three to four years ago this submarket was only commanding sales in the $30-per-square-foot range, and now we are seeing $50s per square foot.” [South Florida Business Journal]Christopher Cameron

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