The Real Deal Miami

International Granite and Marble showroom st

By Alexander Britell | August 27, 2010 06:00PM

The International Granite & Marble showroom and warehouse

The International Granite & Marble showroom and warehouse at 3655 NW 155 Avenue in the Doral area of Miami has been sold in an all-cash deal for $3.66 million, Franklin Street Real Estate announced yesterday.  

The 35,720-square-foot building sold for what works out to $102.50 per square foot, in keeping with the current Doral submarket, according to Franklin Realty’s Joel Kattan.

“I think we got a decent price,” Kattan said.

Kattan and Hernan Prohaszka, both of Franklin Street, represented the seller. Bernardo Manrique of Miami Partners Realty represented the buyer, whose identity was undisclosed.

The firm started marketing the property in late February — early March. The seller had done a sale-leaseback with International Granite, whose lease was set to expire Aug. 30.

“Fortunately we were able to get the building sold before the owner was looking at a vacant building,” Kattan said.

Doral, which is on the western end of Miami-Dade County and has extremely mixed zoning, has seen increased activity of late, including the opening of the new Hyatt Miami at the Blue in Doral, along with the $30 million sale of four commercial properties at the former Doral Center.

Just last week, Miami-based Lennar purchased the Promenade Lakes at Doral, a 26-acre development with more than 200 unfinished condos, for $22 million.

Despite the sales, Kattan said his firm has seen more activity on the rental end, though sales have picked up in the area.

“We are seeing a lot of vacant space for lease, but we are not seeing a lot of good product for sale. But the Doral market seems to be staying strong, at least in regards to sale properties.”

The sale-leaseback of 3655 NW 155 Avenue, which is in the Miami International Business Park had been sold for a price of $2.8 million back in 2005.