The oldest of the 14 properties in the recently sold Doral industrial portfolio was built in 1973. Martin Waas, of Waas Realty handled the leasing and management of many of those warehouses. Many were separately owned with different LLC’s.
Midtown Capital Partners was the buyer. The 300,000-square-foot portfolio sold for $86 million, or $296 per square foot. The buildings ranged in size from 8,000 to 25,000 square feet. Midtown Capital Partners was the buyer.
Avison Young’s Michael Fay and David Spillers, along with Industrial Advisors’ Tommy Gil and David Olade and Michael Waite of Miami Warehouse Real Estate, represented the Midtown Capital Partners. Avison Young reports tightening small-bay supply and demand from local businesses fueled investor interest and pushed rents higher.
Over the past year, smaller-scale warehouses had vacancy rates near 4%. Larger warehouses were double that.
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