Opa-Locka warehouse near Amazon distribution center sells amid rising demand

Industrial rents are rising in Doral and Hialeah, pushing tenants to areas like Opa-Locka

Sep.September 10, 2019 11:30 AM
14900 Northwest 22nd Court with Jonathan De La Rosa and Ben Silver

14900 Northwest 22nd Court with Jonathan De La Rosa and Benjamin Silver

The owner of Ameriworld, an e-commerce fulfillment company, sold a four-building industrial warehouse in Opa-Locka amid rising demand for affordable industrial space in Miami.

Property records show Alermar II LC, a company owned by Ameriworld CEO Julian Rubio, sold the property for $8 million. The 2.56-acre site includes the 68,000-square-foot warehouse at 14900 Northwest 22nd Court.

The buyer is Esteban Madruga, a primarily multifamily investor.

Benjamin Silver and Sebastian Misiewicz were the listing agents, while Jonathan De La Rosa of Marcus & Millichap represented the buyer.

De La Rosa said the property is a mile from a 1 million-square-foot Amazon distribution center that was recently completed. Due to rising rents, tenants from Hialeah who moved from Doral are now looking to submarkets like Opa-Locka, according to De La Rosa. Rents exceed $12 per square foot.

The market has a 3.7 percent vacancy rate as of the second quarter, according to Marcus & Millichap. De La Rosa said the property sold for below replacement cost.

The building is 97 percent leased with most units in the 750- to 1,000-square-foot range, he said. It has a net operating income of nearly $614,000 a year, according to marketing materials for the property. Ameriworld, the seller’s company, is not a tenant.

Hialeah’s industrial market, like Doral, has seen large transactions. Both cities are also undergoing significant redevelopment into mixed-use projects with apartments, homes, retail and office.

Developer Avra Jain is planning a major adaptive re-use commercial development on about 6 acres of land in east Hialeah.

And in August, Deutsche Bank’s RREEF America paid $178 million for the three-building industrial property at 5801 and 6301 East 10th Avenue in Hialeah, marking South Florida’s largest industrial sale of the year to date.

Related Articles

Daily Digest Miami

Last call for Purdy Lounge, Russell Galbut wants to sell another Miami Beach hotel: Daily digest

Industrial sales are up

South Florida’s industrial sales jump to over $1B in Q3 2019

Daily Digest Miami

Related sells Tampa apartments for record $132M, Miami apartment tower evacuated after fire: Daily digest

Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park

Panattoni drops $24M to build new industrial project near Opa-locka

14350 Northwest 56th Court and Bridge Development Partners CEO of Steve Poulos (Credit: Google Maps)

JV pays $126M for Opa-locka industrial property

South Florida Logistics Center

JPMorgan buys Amazon-leased warehouse next to Miami International Airport

The top three industrial sales from April

Here are South Florida’s top industrial sales in April

Easton & Associates president Jose Hernandez-Solaun and rendering of Interglass Corporation's new location

New industrial development in Hialeah Gardens breaks ground