Elion Partners buys Medley warehouse for $8M

The warehouse is the headquarters of Majestic Mirror & Frame

Miami /
Oct.October 30, 2018 05:40 PM

Juan Roberto DeAngulo and Majestic Mirror & Frame warehouse

A company tied to Elion Partners paid $7.6 million for a warehouse in Medley that serves as the headquarters of Majestic Mirror & Frame.

EVI 7425 LLC, which is led by the principals of the real estate investment firm Elion Partners, bought the 62,713-square-feet building at 7425 Northwest 79 Street from A Jay Properties, which is tied to Alan Mandel, the founder of Majestic Mirror & Frame, property records show.

The warehouse was built in 1974 and totals 112,471 square feet. The price equates to $121 per square foot.

A Jay Properties bought the warehouse in 2005 for $3.6 million, records show.

Aventura-based Elion Partners has $2 billion assets and was founded in 2010 by Jack Azout, Shlomo Khoudari, Sylvain Argy and Juan DeAngulo.

Elion is very active in buying industrial properties throughout South Florida. In July, the company bought a 59,135-square-foot-warehouse in northwest Miami-Dade for $7.23 million or about $120 per square foot. Elion Partners also paid $9 million for the Weston Business Plaza at 11800-1880 North Commerce Parkway in March.

In addition, Elion Partners is partnering with Rock Soffer of Turnberry Associates and members of the Sredni family to bring a Trader Joe’s to South Beach, which is part of a larger 36-unit mixed-use project under construction on Alton Road.

South Florida’s industrial market has remained one of its best performing asset classes due to a scarcity of available land and increased interest from institutional investors. In Miami-Dade County, industrial vacancy rates fell to 3.8 percent in the third quarter of 2018 from 4 percent on a year-over-year basis. Amid an influx of new industrial space, asking rental rates declined to $9.95 per square foot, a 3.8 percent decrease from the same period of last year, according to a Colliers International South Florida third quarter report.


Related Articles

arrow_forward_ios
Elion Partners' Shlomo Khoudari and Q-Med Corp's Manual Aguero with 2281 Griffin Road in Dania Beach (Photos via Google Maps; Elion Partners; Orthosensor)

Elion Partners pays $32M for Dania Beach industrial property

Elion Partners pays $32M for Dania Beach industrial property
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Michael S. Liebowitz and Russell Galbut (Linkedin)

Russell Galbut and partner launch blank check company, plan to raise $100M

Russell Galbut and partner launch blank check company, plan to raise $100M
1930 Northwest 23rd Street with (from left) Shane Neman, Richard Kilstock and David Aaron (Getty, Arkadia, Neman Ventures)

Arkadia buys cold storage warehouse in Allapattah for $5M

Arkadia buys cold storage warehouse in Allapattah 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...