The Real Deal Miami

San Francisco firm sells former Bertram Yacht HQ for $35.5M

Warehouses last sold for $17M in June 2011

August 11, 2015 02:15PM
By Katherine Kallergis and Sean Stewart-Muniz

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Industrial site west of Miami International Airport

The main section of the facility at 3663 Northwest 21st Street

The former Bertram Yacht headquarters on the Miami River was sold in a two-part transaction Tuesday that totaled $35.5 million, according to Miami-Dade County property records.

An affiliate of San Francisco-based Alecta Real Estate Investment sold the facility to Interterra Investment Group, a Fisher Island-based LLC. Birch Commercial Mortgage LLC, which shares an address with the seller, granted Interterra a $16 million mortgage with the deal. 

The facility is split into four properties. The main section is a 15.5-acre heavy industrial lot at 3663 Northwest 21st Street that houses several two-story buildings with a total of 311,000 square feet of space. The other three properties are situated along the river at 3660, 3550 and 3480 Northwest 21st Street. Those parcels house a series of single-story marine service buildings with a total of 33,638 square feet of space.

Bertram had constructed the facility in 1962 as part of its first major entrance into the boat building market. The company left its headquarters in 2012 to move into a new facility on Merritt Island, according to its website. The last recorded sale was for $17 million in June 2011.

Alecta CEO David C. Sherwood and U.S. real estate portfolio manager Martin Van Ardenne signed the deed transfer. Interterra’s corporate records list Nicolas P. Bernstein and Jorge P. Bernstein as managers.

The property, just west of Miami International Airport, is near a vacant 7.4-acre lot that multifamily developer Ascend Properties picked up for $7.6 million in May, Miami-Dade County records show. The seller was tied to Felipe Valls Jr.