by Roberto Susi on June 21, 2022
6-21-22 -- A recently completed warehouse in Hialeah Gardens was sold to a Colorado-based company for $43.15 million. Flightway Fifteen LLC, an affiliate of Coral Gables-based industrial developer Flightway Group, sold the 164,298-square-foot small-bay warehouse at 10900 N.W. 146th St. to Denver-based EverWest Real Estate Investors, according to Axiom Capital Advisors’ Jose Sasson, who teamed with Roberto Susi to represent the buyer in the deal. Ralph Merritt of Commercial Property Group worked with the seller.
The price equated to $263 a square foot. The 8.5-acre site is located near the intersection of Florida’s Turnpike and U.S. 27, so it has good access to both Miami-Dade and Broward counties. Sasson said the warehouse, which has 21 small-bay doors, has yet to secure tenants, but EverWest is coming in to lease it up.
“The location is phenomenal,” Sasson said. “The small-bay industrial asset class is probably the best asset class to be in at the moment. The e-commerce boom has helped. And all of these tenants would rather pay industrial rents for a 5,000- or 7,000-square-foot bay than for a retail storefront with double or triple the rent.” EverWest has been active in the South Florida industrial market this year, purchasing a Pembroke Pines warehouse in January.