CBRE Senior Associate Ana Rivera negotiated a sale on behalf of Cherokee Enterprises, Inc. (CEI), the seller, of a one-acre industrial site located at 10592 NW 134th Street in Hialeah Gardens, a submarket approximately 10 miles north of Miami International Airport.
Dade Contracting purchased the site for $1,100,000, a 20 percent increase over the original investment. The deal closed January 13.
The 43,647-square-foot subject site, which is situated within Andrew Industrial Park, is rectangular and includes frontage of approximately 148 feet along the south side of NW 134th Street, a two-lane asphalt paved road. The depth is approximately 291 feet. The parcel is within close proximity proximate to Florida’s Turnpike Extension, U.S. Route 27, and Interstate 75.
“With this being one of just a few remaining 1-acre sites in Hialeah Gardens, we priced the property aggressively and knew that an end user would see the value of the location and make it their new home,” commented Rivera.
Rivera negotiated the sale of the parcel to Cherokee Enterprises back in August 2017 for $950,000, more than double its previous sale price in October 2015.
“It was a pleasure working with CBRE and Ana Rivera,” offered Alex Sanchez, Executive Vice President of CEI. “Their professionalism and perseverance were instrumental to overcoming the challenges presented by the unique characteristics of the property. In addition, Ana’s step-by-step guidance throughout the sale process put us at ease and ultimately we were very happy with the sale price.”
The Hialeah Gardens/Medley submarket is considered one of the last natural expansion areas in Miami and ranks as Miami-Dade’s third-largest submarket in terms of inventory following Airport West and Northeast Dade. At the end of third-quarter 2019, of the three largest submarkets, Hialeah Gardens/Medley reported the second-lowest vacancy rate at 3.14% as well as positive absorption reflecting strong demand.
