The Real Deal Miami

Apollo Group buys Miami warehouse for $15M

Highest recorded sale price was $3.5M in 1987

July 30, 2015 03:00PM
By Katherine Kallergis

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6950 Northwest 77th Court and Jose Ramon Barrera

6950 Northwest 77th Court and Jose Ramon Barrera of the Apollo Group

The Apollo Group, a Miami-based cruise ship food, catering and logistics company, has paid $15 million for an industrial warehouse in unincorporated Miami-Dade, county records show.

Apollo acquired the 213,131-square-foot building at 6950 Northwest 77th Court in Miami. Leyjon Investments Corp. is the seller. Aurelio, Giraldo and Jonathan Leyva are listed on the seller’s corporate records.

The two-story warehouse, which includes a showroom, was built in 1961 and sits on 8.86 acres. Its last recorded sale was in 1997 for $2.9 million, and its highest recorded sale was for $3.5 million in 1987, according to Miami-Dade County property records. It’s zoned for heavy industrial manufacturing.

Jim McCoy from CBC Alliance represented the seller in the deal. Luis Nuñez represented the buyer.

Tenants include Bijoux Terner, a jewelry company, and Perry Ellis. Apollo is headquartered nearby, at 1775 Northwest 70th Avenue.

“The transaction’s $70 per square foot price point was a good price for both buyer and seller, and reflects the continued health of the Airport West industrial market,” McCoy said in a statement. “While institutional investors with tight parameters have aggressively combed through the region’s inventory over the last several years, private investors and end-users continue to find appealing transactions that fit their needs.”