Realterm Logistics bought a cold storage warehouse facility in Opa-locka for $26 million, as demand for industrial properties in South Florida remains hot.
The Annapolis, Maryland-based company bought the buildings at 12401, 12701 and 12725 Northwest 38th Avenue from Stephen M. Greene. The three buildings total 157,000 square feet, equating to a price of $165 per square foot, records show. The warehouses are on 12.5 acres.
In 1966, Don Greene and son Stephen formed Don Greene Provisions after purchasing a local poultry distributor, according to a press release.
In 1983, the company bought the property in Opa-locka and developed phase one with 71,000 square feet of buildings. In 2005, the Greenes expanded the facility to 82,000 square feet. The property includes 2 acres of vacant land.
The warehouses are 100 percent leased to Harvest Sherwood Food Distributors.
Chris Spear of ComReal represented Realterm, while John Lonardo of ComReal represented the seller.
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.