The Real Deal Miami

Triarch Capital expands industrial portfolio with purchase in north Miami-Dade

The 133K sf property is next to former King of Diamonds strip club site
By Ina Cordle | December 21, 2018 11:30AM

From left: Elad Barokas, and Roberto Susi

A Triarch Capital Group affiliate acquired a warehouse in north Miami-Dade County in a off-market deal, adding to its growing industrial portfolio.

Aventura-based Triarch’s WH 95 Capital LLC paid $5.85 million for the 61,462-square-foot industrial building. The price for the property, at 17850 State Road 9, penciled out to $95 per square foot.

The seller is National Industrial Park, linked to Walston E Helms Jr.

Records show it was last purchased for $2.8 million in 1982. The warehouse was built in 1961.

Axiom Capital Advisors’ principal Roberto Susi represented the buyer. Elad Barokas of Keller Williams Elite Properties represented the seller.

The 133,290-square-foot property faces I-95 and is next to the former King of Diamonds site. The strip club — once a famous hangout for hip-hop stars, NFL athletes and boxing champion Floyd Mayweather Jr. — was evicted last month from its converted warehouse.

Susi said the Triarch industrial property is fully leased to several tenants, including Ital Doors. He said the buyer will keep operating it as an income-producing property.

The deal marks Triarch Capital Group’s third purchase of industrial properties this year that were brokered by Susi and Barokas. In January, a Triarch affiliate paid $2 million for 1890 Northeast 150th Street in North Miami, and $1.6 million for 1835 Northeast 144th Street, also in North Miami.

Also in January, Triarch Capital bought two of three adjacent office towers in West Palm Beach for $22.5 million.

In May, it purchased a retail building at 14652 Biscayne Boulevard in North Miami Beach. That 15,000-square-foot retail building is leased to Boga Style Home.