Foreign Investor Purchases Portfolio of Nine Warehouses in $2.2M Deal
- Apr 23, 2015
Doral 58th Street Warehouses, a portfolio comprised of nine warehouse properties, was sold recently.
The $2.2 million transaction was negotiated by Douglas Elliman Commercial Division Associates. CCIM Miami District Director Mitash Kripalani represented the seller, 58 Street Warehouses LLC. The buyer, whose identity was not disclosed, was a foreign investor.
The warehouses totaling 14,000 square feet are located at 10171 NW 58th Street in Doral, Fla. Built in 2008, the original development included 12 warehouses in total, and these were later converted to industrial condos. Three of the 12 were sold, leaving the remaining 9 to be marketed as an income-producing portfolio. According to a press release, the seller had made several unsuccessful attempts to sell the buildings over the past two years.
“This was a challenging sale to say the least,” said Kripalani in a statement for the press. “Being a part of CCIM and the tools it offers its members, including Site To Do Business (STDB), which is an online service for site analysis, mapping, demographic data, aerial viewing and photos, and customized business reports, really helped me showcase all aspects of this property and its location to potential buyers,” he added.
Image source: elliman.com