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.


Related Articles

arrow_forward_ios
Truist Securities' John Gregg with 7600 Northwest 82nd Place (Truist Securities, JLL)
Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site
Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site
Easton Group’s Edward Easton and 3121 Northwest 125th Street (Easton Group, Google Maps)
Easton adds Miami-Dade warehouse to industrial portfolio
Easton adds Miami-Dade warehouse to industrial portfolio
James Batmasian with 6758 North Military Trail, 1101 53rd Court South and 801 15th Street (Getty, Google Maps)
James Batmasian pays $16M for Palm Beach County industrial portfolio
James Batmasian pays $16M for Palm Beach County industrial portfolio
The industrial complex at 2655 Northeast 189th Street and 2660 Northeast 189th Street (SVN Commercial Partners, Getty)
IHOP heir’s family sells Aventura industrial complex
IHOP heir’s family sells Aventura industrial complex
State Storage Group CEO David Heil and the properties at 500 North Haverhill Road in Haverhill and 900 Barnett Drive in Lake Worth (Google Maps, State Storage Group. Getty)
Oregon firm pays $33M for two Palm Beach County self-storage facilities
Oregon firm pays $33M for two Palm Beach County self-storage facilities
Longpoint's Dwight Angelini and the former trailer park at 2260 Northwest 27th Avenue (Longpoint, Google Maps)
Longpoint buys shuttered trailer park in Miami’s Allapattah
Longpoint buys shuttered trailer park in Miami’s Allapattah
Realterm Logistics CEO Robert Fordi and the vacant lot at the intersection of northwest 104th Street and northwest 95th Avenue (Realterm, Ferreira Construction)
Medley industrial site trades for 4x its 2017 price
Medley industrial site trades for 4x its 2017 price
A photo illustration of Megacenter Palmetto at 8600 Northwest South River Drive in Medley (top left), 401 North Military Trail in West Palm Beach (top right), and Pelican Bays office/warehouse complex at 4990 Southwest 52nd Street in Davie (bottom) (Getty Images, LoopNet, Extra Space Storage)
Industrial rents keep climbing, as vacancies drop in South Florida
Industrial rents keep climbing, as vacancies drop in South Florida
arrow_forward_ios

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

Loading...