A kitchen and bath supplier paid $6.5 million for 4.2 acres of industrial land in Doral, with plans to build a distribution center.
Panda Kitchen & Bath bought the property at 7800 Northwest 34th Street, according to a press release. The sale comes to $35.53 per square foot for about 183,000 square feet of land.
The asking price was $8 million, according to an offering memorandum for the property.
The property houses a warehouse built in the 1970s, but Panda plans to build a 9,000-square-foot warehouse and distribution center on the land, according to the release.
Francisco Giron of Jacog Commercial represented the buyer. Manny Chamizo II of One Sotheby’s International Realty represented the seller, Warehouse Management. State records show that the seller is led by Enrique and Teresa Luaces, as well as Loreno Luaces Jr.
Panda Kitchen, started by the Huang family, operates manufacturing plants in China, Malaysia and Myanmar, and has more than 1 million square feet of warehousing space throughout the U.S., according to the company’s website. The property buyer, Doral 78 Ave Inc., is managed by Xiang Huang.
Panda has stores in Florida, New Jersey and California, and employs more than 2,000 people across two continents, according to the website. The company’s products include cabinets, vanities and countertops.
Among other recent industrial sales in Doral, Blackstone bought a property as part of a $93.5 million South Florida portfolio deal.
Industrial has remained a bright spot in South Florida real estate throughout the pandemic.