The Real Deal Miami

Lehman family pays $9M for land near airport

Property will become new home for Lehman Pipe & Plumbing Supply

September 25, 2015 09:45AM
By Sean Stewart-Muniz and Ina Cordle

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The undeveloped land at 3565 Northwest 36th Street near the Miami International Airport

The undeveloped land at 3565 Northwest 36th Street near the Miami International Airport

Two days after selling a Wynwood assemblage for $41.5 million, the Lehman family has paid $9.1 million for a large chunk of undeveloped land near the Miami International Airport, with plans to build a new facility for its business.

An affiliate of the Lehman Family Partnership closed on the land Thursday through a deed filed in Miami-Dade County records. The deal covers seven parcels at 3565 Northwest 36th Street totaling roughly total 9.3 acres of land, which breaks down to about $22.5 per square foot.

The property is zoned for light or heavy industrial use by the county. It’s surrounded by commercial developments like car dealerships and warehouses, with the exception of a mobile home park to the west.

Its previous owner was Jack Thomas Jr., a Miami broker that heads the eponymous Jack Thomas Realtors. His company profile says Thomas acts as either a trustee or principal for as many as 14 joint ventures that own properties in South Florida. It’s unknown how much he paid to assemble the 9.3 acres — previous sales for most of land are not recorded in county records.

The Lehman Family Partnership closed on this land just two days after it sold more than entire block of Wynwood properties to New York’s Thor Equities for $41.5 million. That property had been the 68-year home of Lehman Pipe & Plumbing Supply, the family’s namesake business.

Bruce Koniver, principal of Koniver Stern Group, brokered the sale. He said Dennis J. Lehman will move his business to the site. “He has 48 employees,” said Koniver, who has known Lehman since the 7th grade.  “He’s going to build a world-class facility and his business will live on and he is giving a future to all these people.”

Jay Ziv and Michael T. Fay of Avison Young represented the seller, according to a press release.