Mac Papers inks deal, sells warehouse near MIA for $15M

The property sold for $105 psf

Miami /
Mar.March 25, 2020 02:30 PM
5900 Northwest 176th Street (Credit: Google Maps)

5900 Northwest 176th Street (Credit: Google Maps)

A major paper supplier sold its warehouse near Miami International Airport for $14.6 million.

Jacksonville-based Mac Papers sold the 137,872-square-foot warehouse at 5900 Northwest 176th Street in Miami for $105 per square foot, records show. Spirit Master Funding X LLC, tied to Dallas-based Spirit Realty Capital, purchased the property.

The warehouse is on a 304,746-square-foot lot. The property was last purchased for $1.6 million in 1996 and the warehouse was built in 1997, records show.

Mac Papers was founded in 1965 by Frank and Tom McGehee and provides paper and print, packaging materials and equipment, wide format products and equipment, facility supplies and office products. On March 12, the company announced it would sell its businesses to Monomoy Capital Partners, a private investment firm with $1.6 billion in capital, for an undisclosed price, according to its website.

Spirit is a triple net-lease real estate investment trust (REIT) with 1,752 properties, according to its website.

The industrial market near Miami International Airport https://therealdeal.com/miami/tag/miami-international-airport/ has taken off in recent years due to rising demand for e-commerce and last-mile distribution.

In Miami-Dade County, industrial vacancy rates were at 4.06 percent at the end of 2019, despite an onslaught of new construction, according to a report https://therealdeal.com/miami/2020/01/27/south-florida-industrial-market-continues-to-rally-in-q4/ from Avison Young. Rents rose $8.89 per square foot in the fourth quarter of 2019 from $8.36 per square foot in the fourth quarter of 2018, according to the report.


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