The Real Deal Miami

Small warehouse portfolio in Doral trades hands, indicative of larger trend

Purchase activity in the 10K sf to 30K sf range has increased since the end of 2014
By Katherine Kallergis | April 14, 2015 04:37PM

Doral 58th Street Warehouses and Mitash Kripalani

Doral 58th Street Warehouses and Mitash Kripalani

An assemblage of nine small warehouses in Doral sold to a foreign buyer, Douglas Elliman Commercial announced today.

An LLC tied to Rinaldi Enterprise sold the Doral North Business Center II warehouses, which total 14,000 square feet, for $2.2 million.

Douglas Elliman Commercial Division associate Mitash Kripalani represented the seller, according to a press release. The buyer’s identity was not disclosed.

“This was a challenging sale to say the least, but I was able to market the portfolio aggressively which ultimately resulted in identifying a foreign cash buyer to purchase them,” Kripalani said in a statement.

Alice Esposito, a senior vice president and commercial real estate manager at Stonegate Bank, told The Real Deal that she’s seeing more owner-occupied deals than leases with small industrial spaces, which are driven by Latin American interest and high consumer confidence.

“There’s a lot of interest in Doral, especially with the new residential product planned,” she said.

The industrial market in Doral and Hialeah is strong, Esposito told TRD. Purchase activity in the 10,000-square-foot to 30,000-square-foot range has increased since the end of 2014 and into this year.

The most recently sold development includes 12 warehouses that were converted to industrial condos, according to a press release. Three of the 12 were previously sold, leaving the nine that were marketed for lease and now sold by 58th Street Warehouses LLC.