Investor Peter Greither sold an industrial property next to the Florida Turnpike in Miami to an affiliate of Rodan Property Management for $12.25 million.
Greither’s Greither Holdings LC sold the 5.8-acre property at 14121 to 14267 Southwest 119th Avenue. The buyer is Rodan X LLC, which is tied to Alireza Shadravan of Coconut Grove, according to Central Commercial Real Estate.
Enrique Jordan of Central Commercial Real Estate represented the seller, while Stephen Hendricks of Southeast Property Management brought the buyer.
The deal includes about 121,500 square feet of warehouse space just west of the Turnpike. The property is anchored by KD Nutra, an Omega-3 vitamin company under the KD Pharma Group umbrella.
Rents in the area for small bay industrial space average $12 per square foot, gross, Jordan said.
Records show the site last sold in 1995 for just under $1 million.
Rodan affiliates also own industrial properties farther west at the Rodan Industrial Center at 14160 Southwest 139th Court and in Hialeah.
Investors’ appetite for industrial warehouses remained strong in 2018, but a slowdown could be coming. According to the Commercial Industrial Association of South Florida’s annual industrial market report, the cost of land acquisitions and construction is becoming too expensive for developers to consider new projects, and the industrial boom is expected to take a hit this year as a result.