The party keeps going for Hialeah’s red hot industrial market.
Wheelock Street Capital, in a partnership Mitchell Property Realty, paid $26.8 million for a 234,146-square-foot fully-leased warehouse at 1000 Southeast 8th Street in Hialeah. The price breaks down to $114 per square foot.
The warehouse is close to the Miami International Airport and is fully leased by Tuuci, a high-end manufacturer of shade platforms and outdoor furniture.
Meuchadim of Florida LP, a Delaware company tied to Simon and Jana Falic, sold the property, records show. Simon Falic is the CEO of Duty Free Americas.
The 8.27-acre site can be used as a last-mile infill distribution center, according to a press release. The property, developed in 1976, last sold for $13.5 million in 2008.
Andrew Gurewitsch and Harry Weisman of Windsor Realty Partners represented the buyer, and the seller was represented by Barry Katz of Global Connections Realty.
Simon Falic and his brothers purchased Duty Free Americas, a retailer whose goods are exempt from certain taxes, in 2001. Last year, Falic and his wife purchased a home in Bal Harbour Island for $5.5 million.
Wheelock Street Capital is a private real estate firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul. It is headquartered in Greenwich, Connecticut and Boston. Mitchell Property Realty was founded in 2019 by Edward Mitchell and owns another industrial property in Coral Springs.
Hialeah is seeing a rush of new investment due to its proximity to the airport and a recent change in zoning. Foundry Commercial recently bought an 18-acre site in Hialeah Gardens for $13.1 million where it plans to build a 320,000 square foot speculative industrial development.
Avra Jain is partnering with David Martin of Terra to refurbish an aging industrial complex at 4800 Northwest 37th Avenue. The site is just north of the Hialeah Market Station and Tri-Rail/Metrorail Transfer Station, where the city recently up-zoned 300 acres to allow for more commercial and residential development.