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South Florida

Private equity firm picks up Hialeah Gardens trucking facility

Timber Hill Group bought the property for $156,370 per acre

Cary Goldman and 15545 Northwest 122nd Avenue (Credit: Zillow)
Cary Goldman and 15545 Northwest 122nd Avenue (Credit: Zillow)

A 51.8-acre truck parking facility in Hialeah Gardens sold for $8.1 million.

Timber Hill Group bought the property at 15545 Northwest 122nd Avenue for $156,370 per acre, records show. F&M Parking, which is led by Felix Rodriguez of Sunny Isles, sold the facility.

The property consists of 14 parcels and more than 1,300 parking spaces for trucks and trailers. It is 100 percent rented, according to Loopnet.

EquiTrust Life Insurance Co provided the buyer with a $25 million loan, records show.

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Rosemont, Illinois-based Timber Hill Group is a private equity firm focused on acquiring and developing logistics-related industrial real estate throughout the U.S, according to its website. The company is led by Cary Goldman.

Industrial buyers are paying top dollar for last-mile distribution sites due to the rise of e-commerce.

In Hialeah Gardens, CanPen Holdings is building a 65,500-square-foot warehouse at 14600 Northwest 112th Avenue.

Last month, Foundry Commercial purchased an 18-acre site in Hialeah Gardens, where it plans to build a 320,000-square-foot speculative industrial development. The site is off of Northwest 107th Avenue.

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Private Equity