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EverWest buys Hialeah Gardens industrial building for $43M
Newly built 164K sf warehouse has 21 bays
EverWest Real Estate Investors bought a newly built warehouse in Hialeah Gardens for $43.2 million, continuing its buying spree in South Florida.
Denver-based EverWest bought the 164,298-square-foot industrial building at 10900 Northwest 146th Street from Flightway Fifteen, according to Jose Sasson, the buyer’s broker. It was an off-market deal.
Sasson and Roberto Susi, both of Axiom Capital Advisors, represented EverWest. Ralph Merritt Jr. of Commercial Property Group represented the seller.
The Class A building sits on 8.5 acres and has 21 bays, each roughly 7,800 square feet; 30-foot clear heights; and seven parking spaces per unit, Sasson said. The property is vacant, as it was just completed.
Flightway Fifteen, which is tied to Josue and Monica Pimenta with a Coral Gables address, bought the development site for $3.3 million in 2016, according to records.
The property is in an industrial park with multiple institutional owners, including Duke Realty, TA Realty and Foundry Commercial.
EverWest, which invests in various property types, is led by CEO Rick Stone, with Managing Director Tyler Williams overseeing Southeast acquisitions.
The company has been homing in on South Florida industrial real estate, paying $14.1 million last month for the fully leased property at 635 Northwest Fourth Avenue in Fort Lauderdale.
In January, EverWest bought a warehouse at 20351 Sheridan Street in Pembroke Pines for $58 million, or $18 million more than the seller, Vital Pharmaceuticals, had paid a year earlier.
South Florida’s industrial market is one of the most robust in the region, prompting hefty investment appetite. High demand and a dwindling supply of developable land have pushed up rents and decreased vacancies.
In the first quarter, Miami-Dade County’s vacancy rate dropped to 2.6 percent from 6 percent in the same period of last year, according to a JLL report. The average asking rent increased to $11.61 a square foot, year-over-year, from $7.60 a square foot.
In Medley, a city adjacent to Hialeah Gardens, prolific logistics real estate investor Prologis bought the warehouse at 9401 Northwest 106th Street for $22.6 million in December.