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.
EverWest, which invests in various property types, is led by CEO Rick Stone, with Managing Director Tyler Williams overseeing Southeast acquisitions.
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.