Cofe Properties buys warehouse portfolio in Hialeah

TA Realty sold 41 warehouses for $33M

Miami /
Jan.January 10, 2018 03:30 PM

Industrial portfolio in West Hialeah and IPA’s Douglas Mandel  (Credit: IPA)

Commercial real estate investment firm Cofe Properties just paid $32.5 million for a portfolio of warehouses in Hialeah.

The deal includes 41 warehouses totaling roughly 376,000 square feet in two areas: west of the Red Road and north of the Hialeah Expressway, and west of 16th Avenue and north of Okeechobee Road.

Cofe Cix West Hialeah LLC, an affiliate of Cofe Properties, paid nearly $90 per square foot for the portfolio. The seller is an affiliate of the Boston-based asset manager, TA Realty. The company purchased the portfolio in 2006 for $24.1 million.

Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Institutional Property Advisors brokered both sides of the deal. Mandel said in a statement that nearly all of the tenants’ leases are expected to increase 4.5 percent annually, triple net.

The buildings range from about 4,000 square feet to 28,000 square feet, with a majority of tenants made up of mom-and-pop business, like cabinet makers, manufacturers and some auto shops, Mandel said.

The portfolio sale is another example of recent investment in South Florida’s industrial market. In December, Blackstone Group announced it will buy a 22 million-square-foot industrial portfolio for $1.8 billion, 1.1 million square feet of which will be in South Florida.

In 2016, Cofe paid $16.6 million to purchase the Webster Business Park, near Miami International Airport, from TA Realty.


Related Articles

arrow_forward_ios
From left: Prestige Companies’ Alexander Ruiz, Florida Value Partners' Gus Alfonso, Prestige Companies’ Marty Caparros, and a rendering of 7450 West Fourth Avenue in Hialeah (Getty, DTI Architects, Prestige Companies, Florida Value Partners)
Prestige JV scores $21M construction loan for Hialeah apartments
Prestige JV scores $21M construction loan for Hialeah apartments
A photo illustration of 3130 West 15th Avenue in Hialeah (Getty, Google Maps)
eBay car stereo retailer buys Hialeah warehouse
eBay car stereo retailer buys Hialeah warehouse
From left: Ares Management’s co-founders Antony Ressler and Michael Arougheti along with an aerial view of Ares' newly-acquired 52 acres of land on the northwest corner of Northwest 154th Street and West 40th Avenue in Hialeah (Getty, Vizzda)
Ares pays $111M for warehouse dev site in Hialeah
Ares pays $111M for warehouse dev site in Hialeah
From left: Easton’s Ed Easton and LBA’s Phil Belling with 4220 West 91st Place
Easton, LBA score $61M construction loan for Hialeah warehouses
Easton, LBA score $61M construction loan for Hialeah warehouses
Medley Commerce Center in Medley, 15998 Walgreens Dr in Jupiter, 4281 & 4341 W 108th St in Hialeah, 3701 Flamingo Rd, 2601 & 2701 SW 145th Ave in Broward and 11801 NW 102nd Ave in Medley (Google Maps, Getty)
Here are South Florida’s biggest industrial sales of 2022
Here are South Florida’s biggest industrial sales of 2022
Inmobiliaria Brom’s Ariel Bromberg and render of Onyx Tower (Inmobiliaria Brom, Linkedin)
Lease roundup: Industrious inks at Onyx in Hallandale Beach
Lease roundup: Industrious inks at Onyx in Hallandale Beach
10300 NW 121st Way in Medley, 9290 NW 112th Avenue in Medley, NW 102nd Ave in Hialeah and 5601 N Hiatus Rd in Tamarac (Google Maps)
Here are South Florida’s biggest industrial leases of 2022
Here are South Florida’s biggest industrial leases of 2022
A photo illustration of Treo Group’s Otto Boudet-Murias along with 1100 East 41st Street (top), 4005 East 10th Court (middle), and 3925 East 10th Court (bottom) in Hialeah (Getty, Google Maps, LinkedIn/Otto Boudet-Murias)
Treo sells Hialeah warehouses, doubles its investment
Treo sells Hialeah warehouses, doubles its investment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...