An IHOP heir and his family sold an Aventura industrial complex for over $300 a square foot, an indication that properties in this sector are selling at a premium due to low inventory and a lack of developable land.
An entity co-managed by Sunny Isles Beach investor Yakov Cohen paid $10.7 million for a roughly 35,000-square-foot industrial site with two buildings at 2655 Northeast 189th Street and 2660 Northeast 189th Street.
Roberto Susi with Axiom Advisors represented the buyer. Adam Klein and Elon Gerberg with SVN|Commercial Partners represented the sellers, Nathan Finkel, his wife Jacqueline and two other members of the Finkel family. Nathan is the son of Abe Finkel, who co-founded IHOP, the Glendale, California-based national chain of restaurants that has served up flapjacks and other comfort food since 1958.
Through an entity they control, the Finkels paid $575,000 for the property in 1986, records show. The two buildings were completed in 1967 and 1971.
“Exceeding $300 per square foot for industrial products is notable, even in the highly desired Miami-Dade market.” Klein said in a statement. “In the face of the economic uncertainty, our team is still seeing robust demand for well-located industrial assets.”
Due to the Aventura property’s size and stable income, the Finkels received more than 10 offers, Klein said.
A lack of developable land is hindering new industrial development at a time when current projects under construction in Miami-Dade County represent only 1 percent of existing inventory, according to a Lee & Associates second quarter report. As a result, Miami-Dade ranks as one
of the most expensive industrial markets on the East Coast, the report states.
Despite inflation and a looming recession, the South Florida industrial market continued to experience rising rents in the second quarter, as tenant demand continued to outpace supply, a Cushman & Wakefield report shows.
The Aventura deal’s price per square foot surpassed the $240 per square foot that North Sioux City, South Dakota-based Vertical Cold Storage paid for a 274,191-square-foot industrial facility in Medley in May, the highest during the second quarter, according to Lee & Associates.