The Furniture Mart building located at 1000 Hialeah Drive in Hialeah sold for $6,500,000, or $50.83 per square foot.
The 127,867 square-foot-warehouse property, which sits on approximately 4.26 acres, was purchased by 1000 Hialeah Partners, LLC, an affiliate of Atlantic Investors Group, Inc., an Atlanta-based real estate investment banking firm. Sandy Stice, President of Atlantic, noted that the company has owned warehouse and hotel properties in Florida for over 15 years, and has many Florida and Latin America-based investors.
Joel A. Kattan and Anthony Peragine of Sperry Van Ness represented Furniture Mart, Inc., and were the only brokers involved in the transaction, which closed on September 2, 2014.
“Expanding our presence in Miami-Dade, and Hialeah in particular, allows us to provide an investment opportunity that is readily understood by our clients, who like the idea of participating in the area’s strong growth,” according to Stice. “Joel extracted a ‘top of the market’ price for his client, but did a masterful job of helping us with getting our financing and working with our lender, Florida Community Bank, to help them understand the unique attributes of this building and location,” he added.
At over $50 per square foot, the sale represents one of the highest prices per square foot for a warehouse over 100,000 square feet in the Airport East sub-market within the past five years, according to Sperry Van Ness.
“We feel this is an indicator of the rising values not only in Airport East, but in all Miami-Dade industrial sub-markets,” says Anthony Peragine, Senior Advisor at Sperry Van Ness Commercial Realty.
“Airport East remains a great alternative location for warehouse users, and even at these prices, it is the cheapest industrial sub-market for functional buildings in Miami-Dade,” according to Joel A. Kattan, Senior Director at Sperry Van Ness. “Just three to four years ago this sub-market was only commanding sales in the $30 per square foot range and now we are seeing $50’s per square foot.”