Alliance HP made its first foray into Miami-Dade’s industrial submarket with a $24 million warehouse acquisition near Hialeah.
An affiliate of Bryn Mawr, Pennsylvania-based Alliance HP and partner, Southern Star Shipping Co., bought Airport East Business Center, a 101,685-square-foot industrial building at 4201 Northwest 37th Court, records and real estate database Vizzda show. The joint venture obtained a $13.9 million mortgage from United Bank.
The deal breaks down to $236 per square foot. Alliance HP, led by co-founders Clay Hamlin III and Richard Previdi, own 74 percent of Airport East Business Center, and Southern Star owns the remaining interest, records and Vizzda state.
The seller, an entity managed by Greg Zeiman in Miami Beach, paid $2.7 million for the 3.3-acre site in 2013, records show. Completed in 1974, the warehouse is more than 75 percent occupied, an online brochure states.
Alliance HP owns 11 industrial properties in Broward and Palm Beach counties, according to the firm’s website. The company also focuses on office and mixed-use assets.
Alliance HP owns a Fort Lauderdale office building that is facing foreclosure. Last month, an affiliate of Atlanta-based lender Trimont sued Alliance HP in Broward Circuit Court. The complaint alleges Alliance HP defaulted on a $59.2 million mortgage that matured in October of last year. The note is secured by One Financial Plaza, a 28-story office tower at 100 Southeast Third Avenue that was completed in 1972.
In 2019, an Alliance HP affiliate paid $81.9 million for the 560,000-square-foot building that is subject to a 99-year ground lease owned by a separate Alliance HP affiliate. The same year, Alliance HP bought the land underneath One Financial Plaza for $35.1 million.
The firm financed the building purchase with a $61.5 million loan from Trimont’s parent company, Minneapolis-based global investment firm Värde Partners. Two years later, the Trimont affiliate acquired the note, records show.