The Real Deal Miami

Souvenir wholesaler sells Doral warehouse for $6.4M

The 52,230 sf warehouse sold for about $123 psf
By Amanda Rabines | July 26, 2017 08:45AM

10005 Northwest 58th  Street

Paul Rosenfeld, president of the souvenir wholesale company Goldfarb-Fischer Novelty, just sold his Doral warehouse for $6.4 million, property records show.

Coral Springs-based Daoud Investments Inc., led by Wadid Daoud, bought the 52,230-square-foot warehouse at 10005 Northwest 58th Street for about $123 per square foot. Records show Rosenfeld bought the property for $3.5 million in 2002 – the same year it was built.

The warehouse sits on nearly 2 acres, and is divided into two 26,000-square-foot spaces, according to LoopNet.

Daoud bought the site at a time when the appetite for industrial properties in Miami is high.

The expansion of e-commerce and population growth is helping boost demand for such properties in Miami, according to a second quarter report from Colliers International South Florida. Year-to-date, the industrial market in Miami-Dade saw 1.1 million square feet of new industrial space be delivered, equating to a total of 2.2 million square feet. Vacancy rates increased to 4.1 percent, up from last year’s 3.5 percent. And rents saw an increase as well. Last year the average cost per square foot annually was $9.71, this year it’s $10.91, according to the report.

The Doral area is busy with development, including such projects as Codina Partners’ Downtown Doral, the Related Group and Shoma Homes’ CityPlace Doral and JQ Group of Companies and Optimus Developers’ Midtown Doral.

Recent industrial developments include Flagler Global Logistics’ massive Flagler Station industrial park and Bridge Development Partners’ continuously growing portfolio of warehouse projects in South Florida.

Earlier this month the industrial real estate giant Prologis picked up an Opa-locka warehouse for $16 million.

Harunobu Coryne contributed reporting.