A company tied to Elion Partners paid $7.6 million for a warehouse in Medley that serves as the headquarters of Majestic Mirror & Frame.
EVI 7425 LLC, which is led by the principals of the real estate investment firm Elion Partners, bought the 62,713-square-feet building at 7425 Northwest 79 Street from A Jay Properties, which is tied to Alan Mandel, the founder of Majestic Mirror & Frame, property records show.
The warehouse was built in 1974 and totals 112,471 square feet. The price equates to $121 per square foot.
A Jay Properties bought the warehouse in 2005 for $3.6 million, records show.
Aventura-based Elion Partners has $2 billion assets and was founded in 2010 by Jack Azout, Shlomo Khoudari, Sylvain Argy and Juan DeAngulo.
Elion is very active in buying industrial properties throughout South Florida. In July, the company bought a 59,135-square-foot-warehouse in northwest Miami-Dade for $7.23 million or about $120 per square foot. Elion Partners also paid $9 million for the Weston Business Plaza at 11800-1880 North Commerce Parkway in March.
In addition, Elion Partners is partnering with Rock Soffer of Turnberry Associates and members of the Sredni family to bring a Trader Joe’s to South Beach, which is part of a larger 36-unit mixed-use project under construction on Alton Road.
South Florida’s industrial market has remained one of its best performing asset classes due to a scarcity of available land and increased interest from institutional investors. In Miami-Dade County, industrial vacancy rates fell to 3.8 percent in the third quarter of 2018 from 4 percent on a year-over-year basis. Amid an influx of new industrial space, asking rental rates declined to $9.95 per square foot, a 3.8 percent decrease from the same period of last year, according to a Colliers International South Florida third quarter report.