Avra Jain, Joe Del Vecchio and Terra’s David Martin sold a Miami industrial land site for $7.5 million where they previously planned to develop a warehouse for a sports entertainment facility.
Boston-based logistics real estate investor Xebec Realty bought the 4.7 acres at 1010 Northwest 72nd Street in Miami’s Liberty City from the sellers’ group, 1010 NW Investments, according to the brokers involved.
Alfredo Riascos, broker and principal at Gridline Properties, and Andrew Gurewitsch of Windsor Realty Partners represented the sellers’ group.
Jain, Martin and Del Vecchio bought the land across from Northwest Miami High School in July 2018 from David Avan’s affiliate 1010 NW for $3.8 million. At the time they planned to develop a 95,000-square-foot flex warehouse and lease it to a sports entertainment group such as a skate park or indoor volleyball operator.
Riascos, who represented 1010 NW Investments in its site purchase two years ago, said that the group received a lot of interest in the site last year due to pent up industrial demand.
Xebec “made a compelling offer, prompting them to part ways with the site,” Riascos said.
The deal breaks down to $36 per square foot and $1.6 million an acre.
Xebec, led by Randy Kendrick, buys, develops, manages and redevelops industrial real estate, including last-mile distribution centers, according to its website. It has purchased, developed or redeveloped 11 million square feet and is a joint venture partner in another 12 million square feet of industrial development projects.
This is the second recent industrial disposition by Terra, as last month it sold PepsiCo’s former regional headquarters in Doral for $55 million. Terra also had plans to develop that site with its ownership partner, Terranova Corp., before selling to logistics real estate investor GLP Capital Partners.
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Industrial remained a top-performer last year, even as other asset classes felt a hit during the pandemic. E-commerce tenants leased a record 2 million square feet in Miami-Dade County in 2020, according to a JLL fourth quarter report.
That fueled investor interest from major players. In August, Blackstone snagged eight industrial properties in Miami-Dade from Elion Partners as part of a larger $93.5 million portfolio acquisition that included Broward County warehouses. Blackstone bought industrial properties in Hialeah, Medley, Doral and Miami.