Lee & Associates Brokers $4.5MM Sale-Leaseback of Industrial Warehouse in North Miami-Dade
Lee & Associates President Matthew Rotolante and Vice President Conner Milford Broker Sale-Leaseback of Industrial Warehouse in North Miami-Dade County
MIAMI, FL (AUGUST 10, 2022) – Lee & Associates South Florida President Matthew Rotolante, and Vice President Conner Milford broker the sale-leaseback of an Industrial Warehouse located at 13281 NW 43rd Ave in Opa-Locka, Florida, North Miami-Dade County. The $4.5 million sale of the 28,341-square-foot building closed on August 1st.
The brokers represented seller, Dube Holdings, LLC (d.b.a. Oceanview Window Coverings, Inc), in the sale-leaseback of the entire 28,341 SF building on 1.05 acre parcel. They were able to secure a full-price offer from buyer, Faropoint Ventures, LLC, an Industrial Investment firm located out of Hoboken, NJ.
The Industrial warehouse features 2 dock height loading doors and two grade level doors essential for Oceanview's business operation. The building features 18' clear ceiling height and is positioned on a 1.05 acre parcel ideally positioned just 0.8 miles to the Gratigny Expressway and proximate to the Opa-Locka Executive Airport.
At 100% occupancy upon the time of closing, the sale-leaseback property was an ideal acquisition for Faropoint with a strategy for targeting markets with strong demographics, high rental growth and construction barriers, and who are active in markets that are positively аffected by e-Commerce growth.
South Florida’s Industrial sector has been benefitting from high rental rates and record-low vacancies due to surging demand in a post-covid market, according to Lee & Associates South Florida’s Q2 2022 market report. Average asking rents (triple-net) surged from $10.67 per square foot in the second quarter of 2021 to $12.59 per square foot in the second quarter of 2022, and the vacancy rate in Miami-Dade County declined to a historic low of only 2.5%.
About Lee & Associates | South Florida
Lee & Associates | South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent’s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making. The Lee & Associates’ robust national network that sold and leased nearly $32.4 Billion in 2021 offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com or follow us on Facebook, LinkedIn, Twitter and Instagram, our company local news.
Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.