GCP pays $16M for Doral warehouse

The Rincon family bought the building in 1996 for $4.7M

Miami /
Nov.November 06, 2020 04:45 PM
1910 Northwest 97th Avenue, Doral and GLP's Alan Yang (Google Maps)

1910 Northwest 97th Avenue, Doral and GCP’s Alan Yang (Google Maps)

UPDATED, Nov. 9, 5:25 p.m.: A family that owns an international logistics company sold a Doral warehouse for $16.2 million.

The Rincón family, which owns and operates the Clover Group, sold the 100,000-plus-square-foot building at 1910 Northwest 97th Avenue, according to records.

The buyer shares a Santa Monica address with GLP Capital Partners, or GCP, an investment firm that specializes in logistics properties. The company is led by Alan Yang, the former chief investment officer of Singaporean global investment manager GLP. GLP is an investor in GLP Capital Partners.

Jose Sasson-Lerner with Axiom Capital Advisors represented the buyer in the deal. Stephen DiGiacomo, Roger Zuniga and Patty Marquez with DiGiacomo Group represented the seller.

The building was built in 1979. It includes 24-hour security gate and 29-foot ceiling heights, according to an online listing.

The Rincon family bought the building in 1996 for $4.7 million, according to records.

Clover Group was founded in 1964 in Venezuela. The company has offices in the Netherlands, China, Brazil and Panama, according to its website.

In 2019, Blackstone Group bought $18.7 billion of warehouse assets across the U.S., one of the largest industrial real estate deals in history, from GLP.

That year, GLP co-led real estate tech firm VTS’ $90 million Series D funding round.

In April, GLP closed a new fund, GLP China Income Fund I, with a total investment capacity of about $2.1 billion in assets under management, according to a press release.

Other recent industrial deals in Miami-Dade County include a 160,000-square-foot warehouse in Hialeah that sold for $13.1 million and a warehouse near Medley that sold for $7.5 million.





    Related Articles

    arrow_forward_ios
    From left: Eric Witmondt, chief executive officer, Woodmont Properties and Donald Witmondt, chairman, Woodmont Properties (Woodmont Properties, LoopNet)
    Woodmont plans eight warehouses at Palm Beach Park of Commerce
    Woodmont plans eight warehouses at Palm Beach Park of Commerce
    The retail property at 5875 Northwest 105th Court in Doral (Google Maps)
    Dallas firm picks up Aldi-anchored retail property in Doral for $22M
    Dallas firm picks up Aldi-anchored retail property in Doral for $22M
    (Photo-illustration by Kevin Cifuentes)
    South Florida’s industrial squeeze has brokers sounding alarms
    South Florida’s industrial squeeze has brokers sounding alarms
    20351 Sheridan Street, Vital Pharmaceuticals' Jack Owoc and EverWest's Rick Stone (Google Maps, Twitter, EverWest)
    Bang Energy’s warehouse in Pembroke Pines trades — with a $58M bang
    Bang Energy’s warehouse in Pembroke Pines trades — with a $58M bang
    Bridge Industrial buys Pompano Beach Commerce Park for $46M
    Bridge Industrial buys Pompano Beach Commerce Park for $46M
    Bridge Industrial buys Pompano Beach Commerce Park for $46M
    Seagis picks up Doral industrial properties for $29M
    Seagis picks up Doral industrial properties for $29M
    Seagis picks up Doral industrial properties for $29M
    Clockwise from left: 10205 Northwest 19th Street in Miami, 4310 Northwest 215th Street in Miami Gardens and 8801 Northwest 87th Avenue in Miami
    Here are South Florida’s biggest industrial leases of 2021
    Here are South Florida’s biggest industrial leases of 2021
    Catch of the day? Acme Smoked Fish reels in Pompano Beach cold storage for $16M
    Catch of the day? Acme Smoked Fish reels in Pompano Beach cold storage for $16M
    Catch of the day? Acme Smoked Fish reels in Pompano Beach cold storage for $16M
    arrow_forward_ios

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

    Loading...