A 488,232 square-foot Aventura area industrial property with development options has hit the market for $13 million.
The listing, with three warehouse buildings totaling 52,468-square-feet, is at 17707 Northwest Miami Court in Miami-Dade County.
Records show the over 11-acre space last sold in 1984 for $2.4 million to its current owners, whose truck and trailer equipment sales business, Econo Equipment Co., is located on the property.
Alex Zylberglait and Joe Phelps of Marcus & Millichap have the listing.
Zylberglait, senior managing director of investments, told The Real Deal the listing’s size and the lack of development options in Miami-Dade’s industrial market make the property uncommon.
“It’s a very tight market currently, and it’s difficult to come across a site this large in the Miami-Dade area,” Zylberglait said. “With the industrial sector being very strong right now, and many industrial options depleted in areas like Wynwood and Little Haiti, it can be more difficult to find land within the main transportation corridors.”
Currently, the Miami-Dade industrial listing is zoned for IU-2, which allows for a wide range of industrial and office uses. The site presently serves as the location of several businesses, and the property’s current owner is offering the option of managing the property after the sale. The net income is currently $85,000 to $100,00 per month, Zylberglait said.
“There are many possibilities including using the site for regular or large-scale industrial use, a distribution center or even an entertainment destination,” he said. “There’s been a lot of demand for entertainment centers in Miami-Dade and this site has the potential for a family center or mixed-use building.”