Cofe Properties pays $42M for Sunrise warehouses

An affiliate of Miami-based commercial real estate firm Cofe Properties paid a combined $42.25 million in two deals for a portfolio of small-bay warehouses in Sunrise, according to Miami-Dade County records.

All of the properties were sold by land trusts with Leonard Edelman in Palm Beach Gardens as trustee. Jose Sasson of Miami-based Axiom Capital Advisors was the sole broker on the transactions. It's the first sale for all of the buildings.

Sasson said small-bay industrial is one of the hottest sectors of real estate now because there’s high occupancy. They primarily serve mom-and-pop tenants such as plumbers, carpenters and automotive businesses. There is strong demand for space from those industries, he said.

In the bigger deal, Cofe Sunrise LLC, an affiliate of Cofe Properties, paid $31.25 million for the warehouses at 5401-5405 N.W. 102nd Ave., 10551-16061 N.W. 53rd St., and 10791-10795 N.W. 53rd St. They total 176,838 square feet and were built between 1988 and 1991. The price equated to $177 a square feet.

In addition, Cofe Sunrise LLC paid $11 million for the 48,493-square-foot warehouse at 10700-10798 N.W. 53rd St. It was constructed in 2000. The price worked out to $227 a square foot.

As seen on SFBJ -

Miami-based Ocean Bank financed both deals with a $35.91 million loan.