The Real Deal Miami

Investor pays $14.5M for Davie industrial portfolio

Property sold for nearly $2M less than last sale, eight years ago
By Sean Stewart-Muniz | December 04, 2015 12:45PM

The Matecumbe Capital Management industrial portfolio in Davie

The Matecumbe Capital Management industrial portfolio in Davie

An investor has paid $14.5 million for six buildings in the Davie Industrial Park, marking the assembly’s second sale since the buildings were first constructed in the 1990’s.

The buildings are all single-story warehouses and offices with tenants like Enviro-Drill, a Florida drilling company, and Gilmore Associates, a shipping company.

They were sold by an affiliate of Matecumbe Capital Management, a real estate investment and development firm based in South Florida.

Matecumbe, headed by Steve Santolla and Tom Lihan, purchased the portfolio for $16.3 million in 2007, according to Broward County property records.

The new buyer is Samjaz Nova Davie, a Pembroke Park company managed by investor Sam Jazayri.

Together the portfolio has roughly 187,772 square feet of space, so this most recent sale breaks down to about $77 per square foot. That’s a significant drop from the $86 per square foot that Matecumbe paid eight years ago.