GLP buys Doral Warehouse

As reported by the South FL Biz Journal -

A Doral warehouse anchored by logistics firm Clover Systems sold for $16.2 million.

Ana Cristina Rincon, Holly Ana Rincon, Luis Alfredo Rincon, Luis Alonso Rincon, and Holly Susana Rincon jointly sold the 113,891-square-foot warehouse to Los Angeles-based Park 1910 NW 97th Ave Owner LLC.

The buyer is a Delaware-registered company, so it’s not clear who owns it.

Jose Sasson-Lerner, of Axiom Capital Advisors, represented the buyer, who he said was an institutional investor. The sellers did a short-term lease to remain in the property.

The sellers were represented by Stephen DiGiacomo, Roger Zuniga and Patty Marquez with DiGiacomo Group.

The price equated to $142 per square foot.

The warehouse last traded for $4.65 million in 1996. It was built on the 6-acre site in 1979.

Big investment firms are eager to buy industrial buildings, as e-commerce is expected to grow strongly.

“Doral is probably the best industrial market in South Florida,” Sasson-Lerner said.