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

TRD MIAMI /
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

arrow_forward_ios
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

Clarion Partners sells massive industrial properties in Weston

Miami investor buys industrial site next to Florida Turnpike

KVA Congress buys Boynton Beach industrial property

UPS extending keyless entry at apartment buildings to 10 more cities

Public boarding school scores $9M loan to build new dorm

arrow_forward_ios