The Real Deal Miami

ASB pays $24M for 10.5-acre industrial property in Hialeah

Warehouse is adjacent to Miami International Logistics Center
June 27, 2018 12:30PM

215 Southeast 10th Avenue and ASB Real Estate Investments CEO Robert Bellinger (Credit: ASB)

ASB Real Estate Investments just paid $24.3 million for a warehouse in Hialeah that’s fully leased to the furniture manufacturer, Synergy Custom Fixtures.

Terreno Realty Corporation, a publicly traded real estate investment trust based in San Francisco, sold the 302,000-square-foot warehouse at 215 Southeast 10th Avenue for about $81 per square foot.

Synergy Custom Fixtures signed a long-term lease at the warehouse, according to a press release. The 10.5-acre property, developed in 1957, features 23,000 square feet of office space, 200 parking spaces and 22 dock doors.

The property is within about 300 acres that the city rezoned in 2016 to spur commercial and residential development. The rezoning centers around two transit locations: Hialeah Market Station and Tri-Rail/Metrorail Transfer Station.

Lincoln Property Company represented the buyer in the sale and will manage the property. Lincoln purchased the adjacent Miami International Logistics Center about a year ago for $27.4 million and is expected to redevelop that site into apartments.

Fairchild Partners’ Jose and Sebastian Juncadella represented Terreno.

Property records show Terreno paid $9 million for Synergy Custom Fixtures’ warehouse in 2010. Terreno has interests in 121 properties in the U.S., including 21 in Miami-Dade County, according to data from Real Capital Analytics.

ASB is a division ASB Capital Management, an investment management firm with $7.2 billion in gross assets under management, according to its website.

Hialeah is among the top industrial submarkets in Miami-Dade. Commercial sales activity totaled $217.1 million in 2017, up from $83.6 million in 2016. Codina Partners, led by developer Armando Codina is also building a 1.5 million-square-foot industrial park in Hialeah called Beacon Logistics Park.  – Amanda Rabines