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Cast away: Boatmaker sells Opa-locka warehouses for $11M
The three warehouses total 103K sf
The founder of a high-performance saltwater fishing boat manufacturer sold three warehouses in Opa-locka for $11.4 million.
Alex Lipworth, who founded Opa-locka-based Invincible Boat Co. in 2006, sold the warehouses at 13185 Northwest 47th Avenue, 13050 Northwest 47th Avenue, and 4700 Northwest 132nd Street, according to a press release.
The warehouses total 103,000 square feet. Lipworth’s boat company is the sole tenant.
CBRE’s Jake Zebede, Larry Genet and Tom O’Loughlin worked on the off-market sale, according to the release. The deed has not yet been recorded, and the release did not identify the buyer, only to say that it is a childhood friend of Genet’s.
Lipworth owned the three buildings through a company he co-managed called Jack 1937 Holdings. He paid about $8 million for the buildings in total, purchasing them in 2014, 2016 and 2019. They were constructed in 1971, 1972 and 1983, according to records.
In 2019, he sold a majority stake of Invincible Boat Co. to New York-based private equity firm EagleTree Capital, formerly called Wasserstein Partners.
He continues to guide product development, serve on the company’s board of directors, and retain a significant stake in the company, according to a press release at the time. When it sold, Invincible had more than 260 employees.
Recent South Florida industrial sales include Blackstone’s purchase of 13 properties in Miami-Dade and Broward counties for $93.5 million earlier this month. In July, the Easton Group sold a warehouse in Royal Palm Beach for $15.5 million. In April, a 76,227-square-foot industrial building near Hialeah sold for $7.6 million. And in October, Blackstone purchased two industrial properties in Miami Gardens for $13.6 million.