Michael Simkins sells warehouse in northwest Miami-Dade to financial technology firm

Buyer, NES Financial, specializes in administering EB-5 projects

Jun.June 08, 2018 12:34 PM

Michael Simkins and the property

Michael Simkins just sold a warehouse in northwest Miami-Dade for $5.25 million to a California financial technology company that specializes in administering EB-5 projects.

NES Financial, a San Francisco-based company that provides back office services for complex financial transactions, bought the property at 6955 Northwest 52nd Street from Simkins.

Simkins, the president and CEO of Innovate Miami, purchased the 88,862-square-foot property, which includes a 43,091-square-foot warehouse, in 2006 for $4.9 million, property records show. The latest sale equates to $121 per square foot for the warehouse and $59 per square for the land.

The two-story warehouse was built in 1998 and has 18-foot ceilings.

Simkins co-founded Innovate Development Group with his brother, Ron Simkins, who is COO of the firm. Innovate’s planned projects include a 10-acre Miami Innovation District in Park West, just west of Miami Worldcenter. The site was among the eight locations in South Florida pitched to Amazon for its second headquarters.

The buyer, NES Financial Corp specializes in providing technology-enabled solutions to administer the entire EB-5 program life cycles, according to its website.

Under the federal program’s current guidelines, foreign investors are eligible to apply for a green card if they invest at least $1 million – or $500,000 in a high-unemployment area or rural area – in an enterprise and create at least 10 jobs.

While it was once a popular way to finance real estate projects in South Florida, developers are now relying less on the program as part of their capital stack due to the uncertainty of the program’s existence and a backlog of Chinese visa applications.

Related Articles

The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sells Fort Lauderdale industrial buildings

Clockwise from top left: 3400 Northwest 74th Avenue, the Opa-locka industrial property and Centergate at Gratigny (Credit: Google Maps)

Here are South Florida’s largest industrial sales of 2019

5601 Northwest 72nd Avenue (Credit: Google Maps)

These were South Florida’s biggest industrial leases of 2019

Fordome Investment Group’s Kris Rodriguez and Blackstone’s Stephen Schwarzman (Credit: Getty Images, Google Maps)

Blackstone plans to build new Medley warehouse

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

IMC Equity’s Yoram Izhak and 1490 West 49th Place (Credit: Google Maps)

IMC Equity snags Hialeah office building from Cofe Properties

Daily Digest Miami

Moishe Mana sells Hibiscus Island home for $12M, CitizenM scores $48M loan to build Brickell hotel

Glenn Straub and the Palm House Hotel

Glenn Straub loses appeal on Palm House sale