Xebec Realty Investments is down to one warehouse project in Miami-Dade County after selling a Liberty City industrial property for $26.8 million.
Dallas-based Xebec Realty, led by CEO Randy Kendrick, sold a 85,483-square-foot facility built in 2023 at 1010 Northwest 72nd Street, records and real estate database Vizzda show. The buyer is an entity managed by Juan Antonio Bruno Perroni Filho in Miami.
The deal breaks down to $314 per square foot.
In 2021, Xebec Realty bought the 4.7-acre site for $7.5 million from a joint venture among Avra Jain, Joe Del Vecchio and Terra’s David Martin, records show. A year later, the buyer obtained an $11.6 million construction loan to build the warehouse.
In 2023, Xebec Realty and Terra did business again. Terra sold Xebec Realty its stake in an entity that owns 15.7 acres in an unincorporated neighborhood near Miami Gardens. The entity’s other partner is Rene Vivo, CEO of Hialeah-based industrial brokerage Vivo Real Estate Group, according to published reports. Xebec Realty nabbed a $44 million construction loan the same year to build two warehouses spanning 160,440 square feet on the northeast corner of Northwest 167th Street and Northwest 67th Avenue. The project is expected to be completed by the end of the first quarter, Xebec Realty’s website states. It marks the firm’s only remaining industrial project.
South Florida’s industrial leasing market slightly slowed last year, compared to previous years of record-breaking rent growth and low single-digit vacancy rates. In Miami-Dade County, the vacancy rate jumped to 5.7 percent in the fourth quarter of last year, compared to 3.2 percent during the same period of 2023, as the average asking rent grew by $1, year-over-year, to $16.03 a square foot, according to CBRE. Broward and Palm Beach counties’ industrial landlords experienced drops in average asking rents during 2024’s fourth quarter compared to the same period of the previous year.
Still, industrial deals are moving at a brisk pace across the tri-county region. This month, Boca Raton-based IP Capital Partners padded its South Florida industrial portfolio by buying its first cold storage facility in Miami. The firm paid $25.7 million for the 3.3-acre industrial property near Miami International Airport.
Last month, AT&T sold 10 South Florida office/industrial sites for a combined $62.9 million to New York-based Reign Capital. The sell-off was part of a $850 million national portfolio deal between the communications giant and the real estate investment firm. Also in January, San Francisco-based Prologis sold four one-story and two-story warehouses on 3.4 acres near Miami International Airport to Miami-Dade County for $17 million.