Elion Partners picks up warehouse in northwest Miami-Dade

Building is leased to tire and auto parts wholesaler U.S. AutoForce

TRD MIAMI /
Jul.July 09, 2018 02:30 PM

2875 Northwest 77th Avenue (Credit: Industrial Group Realty, Inc.)

Elion Partners just picked up a warehouse in northwest Miami-Dade for $7.23 million, property records show.

The 59,135-square-foot warehouse at 2875 Northwest 77th Avenue traded for about $120 per square foot.

The seller is a family-owned distribution company called South Dade Automotive. It operated out of the building before selling its business in 2015 to U.S. AutoForce, a Wisconsin-based tire and auto parts wholesaler.

South Dade Automotive CEO Jorge Pola Jr. sold the warehouse though the entity Polas Enterprises Inc. Records show the company paid $3.6 million for the property in 2002. It was built in 1981 and sits on a 2-acre lot.

Steven Jones from Industrial Group Realty brokered the deal. He said US AutoForce signed a lease in the building about a month before closing. The two-year lease comes with three, one-year renewal options.

The area is hot with industrial activity, as investors and developers are capitalizing on its proximity to Miami International Airport. Most of the industrial leasing activity in the first quarter occurred in Miami Lakes, followed by the Airport/Doral and Medley submarkets, according to a CBRE report

This most recent deal comes on the heels of Elion’s $3.15 million acquisition of a 33,000-square-foot warehouse in Miami Gardens, Jones said.

The private equity firm bets big on industrial real estate. It has about $2 billion in assets across the United States, with a large portion (about 64 percent) consisting of industrial projects. Its largest is the Ridgeport Logistics Center in Wilmington, Illinois, which spans 30 million square feet.


Related Articles

arrow_forward_ios
Roger DeLisle of Island Associates and 17237 NW 27th Avenue, Miami Gardens (Credit: Google Maps)

Winn-Dixie-anchored shopping center sells for $14M

Winn-Dixie-anchored shopping center sells for $14M
Jeff Ardizon and Robert Suris with 950 West 49th Street, Hialeah

Estate Companies buys shuttered Hialeah Ramada for $15M

Estate Companies buys shuttered Hialeah Ramada for $15M
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
101 Hialeah Drive with Marcus & Millichap’s Drew Kristol and Kirk Olson (Google Maps)

Hialeah CVS sells for $11M

Hialeah CVS sells for $11M
Jose Sasson and Roberto Susi, 3900 Coral Ridge Drive

Elion Partners buys Coral Springs warehouse for $7M

Elion Partners buys Coral Springs warehouse for $7M
J.C. de Ona, Southeast Florida Division President of Centennial Bank, Amelia Mixed Use rendering

Prestige Companies nabs loan for mixed-use project in Hialeah

Prestige Companies nabs loan for mixed-use project in Hialeah
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
From left: Avison Young’s David Duckworth, Michael Fay, John Crotty, and Brian C. de la Fé, with 7400 Northwest 37 Avenue (Credit: google Maps)

Zaragon pays $8M for industrial property near Hialeah

Zaragon pays $8M for industrial property near Hialeah
arrow_forward_ios

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

Loading...