Sunny Isles mayor sells Hialeah warehouse for $13M
Sellers paid $9.5M for the property in 2019
A company tied to the mayor of Sunny Isles Beach and a fellow South Florida real estate investor sold a 160,000-square-foot warehouse in Hialeah for $13.1 million.
George “Bud” Scholl, elected mayor in 2014 and re-elected in 2018, and investor Steven M. Rhodes sold the industrial building at 1101 East 33rd Street, The Real Deal has learned.
EverWest Real Estate Investors, a Denver-based subsidiary of Canadian GWL Realty Advisors, bought the property, according to Andrew Gurewitsch of Windsor Realty Partners, who represented the sellers in the off-market deal.
The building is fully occupied with two long-term tenants: IC Industries, a South Florida corrugated box manufacturing and delivery service, and Schwarz Partners Packaging, part of an Indianapolis-based holding company with interests in corrugated paper and packaging, according to a release.
Built in 1956, the building has 18- to 22-foot clear heights. Scholl and Rhodes bought the building in March 2019 for $9.5 million, records show.
Rhodes’ past deals include selling a two-building industrial property in the West Little River neighborhood of Miami for $10.4 million in 2018, and selling the Orlean building at the entrance of the Miami Design District for $9 million in 2017.
Hialeah has been a popular market for industrial deals in recent months. In November, Gurewitsch represented the buyer in a $26.8 million deal for a 234,146-square-foot fully-leased warehouse at 1000 Southeast 8th Street in Hialeah.
Other recent industrial deals in the Hialeah area include the O’Donnell Group buying an industrial property near Hialeah for $7.6 million in April, and Zaragon buying an industrial facility near Hialeah for $7.55 million in May.