The Real Deal Miami

Here’s what sold between $1M and $5M this week

Properties ranged from a warehouse to a technology park

July 07, 2015 04:30PM
By Sean Stewart-Muniz

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The warehouse at 5950 Ravenswood Road

The warehouse at 5950 Ravenswood Road

Ravenswood Industrial sells for $2.5 million

A wholesale flooring company is trading up its warehouse space in Dania Beach.

Flooring King, which sells laminate and hardwood products, paid $2.5 million for the 29,770-square-foot Ravenswood Industrial building, just over a mile away from its current location. The company will move out of its current 5,000-square-foot space in favor of Ravenswood’s docking bays and abundance of space.

The property, built in 1963, was sold by a trust titled Trust Number NB-1, which is managed by Jerome Blank, Mark Blank and Marvin S. Florman.

CBRE agents Larry Genet and Tom O'Loughlin

CBRE agents Larry Genet and Tom O’Loughlin

Larry Genet and Tom O’Loughlin of commercial brokerage CBRE represented the trust, and Zoila Maya-Sustiel of Turnberry International Realty brought the buyer.

“This well-located warehouse distribution facility constituted a rare opportunity to buy in an extremely tight Southeast Broward industrial market,” said Genet in a statement. “Our team used its knowledge of buyers in the market to sell this asset off-market having no exclusive listing agreement.”

Office in Plantation Technology Park trades for $2.95 million 

The office building in the Plantation Technology Park

The office building in the Plantation Technology Park

An office in the Plantation Technology Park was just sold for $3 million to a Miami-based apartment investor.

Recom Plantation, which is managed by a group of lawyers based in Coral Gables, sold the 34,812-square-foot building to a company managed by Shlomo Chelminsky, whose family owns a portfolio of apartment buildings throughout Miami.

A chunk of his holding companies faced foreclosures in 2009 over delinquent loans, according to the South Florida Business Journal, and he has been sued for a roof collapse in one of his buildings.

The offices in the tech park, at 1700 Northwest 65th Avenue, are housed in a single-story building on a two-acre lot. The building is 100 percent occupied, and its tenants range from a fire-safety company that sells extinguishers to a printing company that stitches badges and name tags.

Chelminsky traded even on the sale — he paid $2.95 million for the property in 2005.

Commercial brokerage CapasGroup listed the property, while the buyer was represented by King Real Estate.

Miami River apartments sell for $1.8 million 

The apartments at 380 Southwest 4th Street

The apartments at 380 Southwest 4th Street

A two-story apartment building near the Miami River just traded for $1.8 million.

The 18-unit property was built in 1960 and sits just a few yards from I-95. Its owner, GRGS Corp., was transferred ownership of the property in 1994. The company is managed by Richard, Gabriel and Gustavo Socarras, along with Oscar Loret De Mola. They sold the building to another Miami-based company, 380 Brickell West, which is headed by Peter J. Neary and Eduardo A. Subervi.

Located at 380 Southwest 4th Street, the apartment complex is 8,503 square feet and sits on a 15,000-square-foot lot. It was on the market for roughly four months before closing, according to data from the MLS.