Midtown Capital buys Opa-locka industrial property

Building is fully leased to 18 tenants

Midtown Capital Partners CEO Alejandro Velez and 13700 Northwest 19th Avenue, Opa-locka (Google Maps)
Midtown Capital Partners CEO Alejandro Velez and 13700 Northwest 19th Avenue, Opa-locka (Google Maps)

Miami-based Midtown Capital Partners continued its buying spree by acquiring an industrial property in Opa-locka for $11 million.

The real estate investment and asset management firm, led by Alejandro Velez, bought the 82,000-square-foot building at 13700 Northwest 19th Avenue, a spokesperson told The Real Deal. David Friedman Trust No. 13700, which is affiliated with Danron Management Inc., sold the 3.3-acre property.

Marcus & Millichap brokers Benjamin Silver and Sebastian Misiewicz represented the buyer and seller, according to a press release.

The building sold for its asking price, which represents a record for small-bay warehouse trades in the immediate area, according to the release.

Dan Handler, founder of the homebuilder GHO Homes, and Ronald Gavsie, a licensed real estate broker, are tied to the seller, records show.

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The trust bought the building in 1984 for $1.6 million, according to records. It was developed in 1972 and consists of 36 warehouse spaces averaging roughly 2,200 square feet each. The building is fully occupied with 18 tenants, according to the release.

Tenants include the Universal Hood Tech sheet metal fabricators, New Life in the City Ministry and Arcelays Funeral Services, according to their websites.

In October, Midtown Capital bought a warehouse near Medley for $7.5 million and paid $22.6 million for the Miramar headquarters of an information technology company.

Recent industrial sales in Opa-locka include a cold storage warehouse facility that traded in May for $26 million.

This summer, three Opa-locka warehouses sold for about $11 million to several companies affiliated with DB Family Office Services, attorney Mark Alhadef, Sean Mirmelli and Andrew Mirmelli of M&M Parking Management.