Industrial Asset in Miami Changes Hands
- May 08, 2017
Cushman & Wakefield Director Miguel Alcivar, Colliers Executive Vice President Jonathan Kingsley and CBRE First Vice President Michael Silver brokered the sale of the Econocaribe building, a 164,432-square-foot distribution warehouse in Miami. The trio represented the sellers, Econo1 LLC, Joseph Luchese and Michelle Gersten in the transaction. Investor RLF Acquisitions LLC purchased the property for $7.5 million.
Located at 2401 NW 69th St., near the Port of Miami, Miami International Airport and Miami Metrorail, the asset features a one-story warehouse and a two-story office. The warehouse includes 27 dock-high loading positions for up to 40 trucks and a receiving ramp that can accommodate an additional 13 trucks. The facility currently serves as ECU Worldwide’s headquarters.
“The Econocaribe building offering was an excellent opportunity to acquire a critical mass of functional distribution space for substantially below replacement cost in a Miami industrial market that is increasingly supply constrained,” Alcivar said in prepared remarks.
With the help of attorney Norman Leopold, the marketing team also negotiated the acquisition from Miami-Dade County of an abandoned railroad spur that cut across the property.
Image courtesy of Cushman & Wakefield