A company tied to the O’Donnell Group bought an industrial property near Hialeah for $7.6 million.
The Newport Beach, California-based company bought the 76,227-square-foot industrial building at 6501 Northwest 37th Avenue in Miami for $99 per square foot, records show. Miami-based JMMD Investment Group LLC, led by Jimmy Ng, sold the property.
CBRE’s Jake Zebede, Tom O’Loughlin and Larry Genet represented the seller in the deal, according to a press release.
The new owner plans to refurbish and lease out the property, and has retained CBRE’s Zebede, O’Loughlin and Genet to market the project, according to the release.
The buyer scored a $6 million loan from RRA Capital Management to acquire the property. CBRE’s Paul Ahmed and Mackenzie Fry helped secure the financing.
The property last sold for $3.5 million in 2005, records show. It was built in 1958.
The O’Donnell Group has developed or acquired over 23 million square feet of industrial and office business parks in California, Washington, and Alaska since it was founded in 1972, according to its website.
South Florida’s industrial market has been one of the area’s strongest asset classes in recent years, and experts say the sector is poised for more growth due the impacts of coronavirus, as inventories ramp up and demand for e-commerce skyrockets.
In Miami-Dade County, industrial completions reached an all-time high in 2019, according to a report by Avison Young. Over 5.6 million square feet of industrial space was added to the market, increasing local inventory by nearly 3 percent.