Atlantic Paints - Miami Warehouse
ComReal Miami’s Industrial Team represented Atlantic Paints in the sale of its warehouse in Miami, located at 5200 NW 77th Court. The property was placed on the market in late 2013. Because of ComReal’s marketing strategies, within a few short weeks the property was under contract for $1,475,000 ($127 per sq. ft.). “Our unique marketing approach with this property targeted likely buyers and gave the property the exposure it needed. This strategy paid off.” adds Chris Spear.
Built in 1970, the subject property is a freestanding building of 11,577 sq. ft. with Palmetto Expressway (SR 826) frontage and a small fenced parking lot. These features added value to the warehouse and allowed the seller to obtain top dollar for the property. Recognizing its great value and future potential, Orion Merchant Solutions seized the opportunity to place the property under contract.
This sale represents the increased value that high traffic exposure adds to a property. “Using our data and knowledge of the real estate market in Doral, we priced the property to obtain the best sale price for our client.” states Edison Vasquez. Had this warehouse been in the same neighborhood but not on the Palmetto Expressway, the sale price would have been as much as 25% less. The supply of properties with frontage on Palmetto Expressway is very limited; any owner with a property with this advantage will get a premium price for their property.
Orion Merchant Solutions will do some improvements to accommodate its business and will be relocating to this property in a few months.
For more information on this transaction and for market information on the industrial real estate market in Miami, contact the ComReal Industrial Team at 786-433-2380.