A New York investor picked up a vacant Miami warehouse for $11.5 million.
QRST Properties, managed by Morty Yashar in Brooklyn, acquired the 72,477-square-foot industrial building at 3400 Northwest 67th Street, according to the buyer’s broker, Raul Pino with Wynwood-based The Hype Real Estate Group. The property is in Miami’s Liberty City neighborhood
The seller, an entity managed by Wendy Beck in Coral Gables, provided QRST with a $9.2 million mortgage, Pino said. The off-market deal breaks down to roughly $158 a square foot.
Pablo Vignolo also represented the buyer, and Jade Hernandez represented the seller. Both brokers are also with The Hype Real Estate Group, Pino said.
In 2014, Beck’s entity paid $2.3 million for the 2.1-acre site, records show. The building was completed in 1959.
Pino said QRST plans to make capital improvements “as needed,” and the warehouse is now available for lease.
“We pursued the seller for over a year,” he said. “After the seller said [she] would accept an $11.5 million offer, we were able to sell it within 30 days.”
The warehouse is in the north central Miami-Dade submarket, where the industrial vacancy rate was 3 percent and asking rents hit $15.15 a square foot in the first quarter of this year, according to a CBRE report. Countywide during the same period, the industrial vacancy rate was 3.2 percent and asking rents hit $14.25 a square foot.
Industrial space remains a hot commodity in Miami-Dade County, the CBRE report shows. Developers delivered 12 projects totaling 3.1 million square feet in the first quarter of this year. Eight are fully leased, CBRE found.
Also this month, Brookfield Properties, a Canadian alternative investor and asset manager, paid $16 million for a warehouse in Doral. The 115,000-square-foot facility at 1500 Northwest 95th Avenue is the headquarters of the seller, flower distributor and importer The USA Bouquet Company.