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
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
CenterPoint Properties CEO Bob Chapman and 4040 W 108th St, Hialeah, FL. (Google Maps, GI Partners)
CenterPoint pays $184M for warehouses at Hialeah business park
CenterPoint pays $184M for warehouses at Hialeah business park
Kolleen OP Cobb and Countyline Corporate Park Building 26 (FECI)
FECI scores construction loan for Hialeah business park
FECI scores construction loan for Hialeah business park
TA Realty Managing Partner James Buckingham and (clockwise from top left) 1604 West 31st Place, 2440 West 8th Court and 2500 West 84th Street (Google Maps)
TA Realty buys back industrial property in Hialeah as part of $52M deal
TA Realty buys back industrial property in Hialeah as part of $52M deal
PGIM Real Estate CEO Eric Adler (left) and Bridge CEO Steve Poulos with a rendering of the cold storage facility  (Photos via PGIM; Bridge; Ware Malcolm)
JV developing Hialeah spec cold storage facility lands $67M construction loan
JV developing Hialeah spec cold storage facility lands $67M construction loan
Mayor Bud Scholl and EverWest CEO Rick Stone with 1101 East 33rd Street, Hialeah (City of Sunny Isles Beach, EverWest)
Sunny Isles mayor sells Hialeah warehouse for $13M
Sunny Isles mayor sells Hialeah warehouse for $13M
Seritage CEO Benjamin Schall, CTO CEO John Albright, and 1460 West 49th Street, Hialeah (Credit: Google Maps)
Seritage sells Hialeah shopping center for $21M
Seritage sells Hialeah shopping center for $21M
Renderings of a proposed project (Courtesy of Apex Capital Realty)
CBD investor sells Hialeah Gardens dev site for $5M
CBD investor sells Hialeah Gardens dev site for $5M
arrow_forward_ios

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

Loading...