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

The company purchased the 20-acre site for $1.2M per acre

TRD MIAMI /
Nov.November 05, 2019 02:30 PM
Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park

Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park

Panattoni Development Company paid $24.3 million for the 20-acre site of a dairy farm and plans to build a speculative warehouse project.

The new industrial development at 3000 Northwest 123rd Street near Opa-locka will be known as Gratigny Logistics Park. It sold for $1.2 million per acre, according to a press release.

ZSF/WD Opa Locka, LLC, which is an affiliate of Zurich Insurance Group, sold the property.

Newmark Knight Frank’s Nick Wigoda and Steve Medwin represented the buyer and CBRE’s Christian Lee, Chris Riley, and José Lobón represented the seller.

The Zurich Insurance affiliate bought the property for $4.3 million in 1999, records show.

Nearby, Panattoni Development Company is completing construction of Eastview Commerce Center, a $100 million, 800,000-square-foot Class A business park at Northwest 24th Avenue and Northwest 119th Street. The project is more than 50 percent pre-leased, according to the release.

Newport Beach, California-based Panattoni specializes in office and industrial buildings and is one of the most active private industrial developers in the United States, according to its website. Carl Panattoni founded the company in 1986.

Institutional investors are searching for land to build new industrial properties in South Florida. Rents are steadily starting to fall, though, as more industrial properties are coming to market.

In the third quarter of 2019, average asking rents for warehouses in Miami-Dade County dropped to $8.50 per square foot from $11.18 per square foot in the third quarter of the previous year, as 792,365 square feet of industrial space was completed, according to a report by Colliers International South Florida.


Related Articles

arrow_forward_ios
Foundry Commercial

Foundry Commercial scores construction loan on Hialeah Gardens industrial complex

Foundry Commercial scores construction loan on Hialeah Gardens industrial complex
Dalfen Industrial CEO Murray Dalfen and 1177 West Blue Heron Boulevard (Google Maps)

Dalfen Industrial buys Riviera Beach warehouse for $18M

Dalfen Industrial buys Riviera Beach warehouse for $18M
Brian Kingston Brookfield Property Partners CEO 10800 Northwest 92 Terrace (Credit: Google Maps)

Brookfield pays $27M for Medley warehouses

Brookfield pays $27M for Medley warehouses
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
From left: Avison Young’s David Duckworth, Michael Fay, John Crotty, and Brian C. de la Fé, with 7400 Northwest 37 Avenue (Credit: google Maps)

Zaragon pays $8M for industrial property near Hialeah

Zaragon pays $8M for industrial property near Hialeah
John Lonardo and Chris Spear of ComReal with 12401, 12701, 12725 Northwest 38 Avenue in Opa-locka (Credit: Google Maps)

Realterm Logistics pays $26M for warehouse facility in Opa-locka

Realterm Logistics pays $26M for warehouse facility in Opa-locka
6501 Northwest 37th Avenue and CBRE’s Jake Zebede, Tom O’Loughlin and Larry Genet (Credit: Google Maps)

O’Donnell Group buys industrial site near Hialeah for $8M

O’Donnell Group buys industrial site near Hialeah for $8M
The site and listing brokers Markos Bertolotti and Carlos Fausto Miranda

55-acre site near Hialeah hits the market for $15M

55-acre site near Hialeah hits the market for $15M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...