Cast away: Boatmaker sells Opa-locka warehouses for $11M

The three warehouses total 103K sf

Miami /
Aug.August 20, 2020 06:15 PM
From top: 13185 Northwest 47th Avenue, 13050 Northwest 47th Avenue and 4700 Northwest 47th Avenue (Google Maps)

From top: 13185 Northwest 47th Avenue, 13050 Northwest 47th Avenue and 4700 Northwest 47th Avenue (Google Maps)

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.


Related Articles

arrow_forward_ios
Bruce Flatt of Brookfield Asset Management with the warehouse (Brookfield, CBRE)
Brookfield pays $26M for Doral warehouse
Brookfield pays $26M for Doral warehouse
Renderings of the project with Minto Communities president Michael Belmont (Minto, Konover South)
Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
FECI plans Countyline Corporate Park expansion with $33M construction loan
FECI plans Countyline Corporate Park expansion with $33M construction loan
CubeSmart CEO Christopher Marr (Google Maps, LinkedIn via CubeSmart)
CubeSmart buys Weston self-storage for nearly $12M
CubeSmart buys Weston self-storage for nearly $12M
An aerial of Bridge Point AVE with Bridge Development CEO Steve Poulos (courtesy of Bridge Point Development)
Bridge Development scores $78M construction loan for Opa-locka industrial park
Bridge Development scores $78M construction loan for Opa-locka industrial park
Valerio Spinaci and 1506 Collins Avenue (Google Maps)
Triarch buys Dania Beach industrial property for $10M
Triarch buys Dania Beach industrial property for $10M
Mauro Libi and 7300 Northwest 35th Terrace (Mauro Libi/Wikipedia, Google Maps)
Venezuelan food mogul nabs Miami warehouse for $8M
Venezuelan food mogul nabs Miami warehouse for $8M
Ryan Companies CEO Brian Murray and CFO Lisa Kro with 13241 Southwest 136th Street (Google Maps)
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
arrow_forward_ios

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

Loading...