The Real Deal Miami

Flagler Station building sells for $11.25M

Price equates to $327 per square foot for 34,437-square-foot property

January 30, 2015 01:30PM

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Flagler Station

Flagler Station

A building at Flagler Station, South Florida’s largest business park, has traded hands for the second time in six months.

Vero Beach-based Dunnagall Partners paid $11.25 million for the industrial building at 10325 Northwest 112th Avenue in Northwest Miami-Dade. The seller was G&I VIII Flagler 1900 LLC, an affiliate of New York-based DRA Advisors, according to a published report.

The price equates to $327 per square foot for the 34,437-square-foot building, which was constructed in 2009, the South Florida Business Journal reported.

In July, DRA Advisors paid $131.7 million to acquire six buildings, including this one, from Flagler Global Logistics. That worked out to $179 per leasable square foot. The price of the individual buildings wasn’t released since it was a single deed, the South Florida Business Journal said.

In the latest purchase, Dunnagall Partners received a $7.88 million mortgage from Mercantil Commercebank. [South Florida Business Journal] — Ina Cordle

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