The Real Deal Miami

After a year and a half, a Doral warehouse sale closes

November 15, 2011 04:09PM


9800 NW 17th Street

A long and winding road for the sale of a Doral distribution facility
has come to a close, 18 months after the original deal. K.G.
International, a supplier of chemical and packaging materials, went under
contract for the facility at 9800 NW 17th Street in Doral, but then
hit a series of roadblocks. It turned out that the property was
cross-collateralized with another property, and the bank would not
permit the deal to be closed. Finally, after navigating a foreclosure
action on the 44,100-square-foot property, K.G. closed on the
$3.67 million sale last week with seller Wells Fargo. “When we saw the
Emerald Farms property, we knew it had to be our space,” said Matthew
Gunia, Vice President of Business Development at K.G. International.
Joel Kattan and Hernan Prohaszka, senior directors of Franklin Street
Real Estate Services in Fort Lauderdale, represented GK Emerald, a
limited liability company that includes K.G. and a sister company. — Alexander Britell