New York Company Buys Miami-Dade Warehouse For $17M

An affiliate of New York-based O’Connor Capital Partners has purchased a warehouse in Miami Gardens’ Sunshine State Industrial Park for $17.01 million, reflecting continued investor demand for South Florida industrial properties.

The seller, EV 1600 LLC, an affiliate of Miami-based Elion Partners, sold the 64,377-square-foot facility located at 1600 N.W. 165th Street to Miami Gardens TEV Center LLC, an entity affiliated with O’Connor Capital Partners. The transaction equates to approximately $264 per square foot, according to property records confirmed by Vizzda.

The property last traded for $11.35 million in 2021, representing a significant increase in value over four years amid strong warehouse rent growth throughout Miami-Dade County.

Situated on 3.48 acres, the warehouse was built in 1965 and features 20-foot clear ceiling heights and two drive-in bays. The building also benefited from a roof replacement completed in 2023, according to a recent marketing listing.

Elion Partners has been an active seller in South Florida’s industrial market. The firm sold two Broward County warehouses for a combined $55.35 million in May 2025 and another warehouse in Deerfield Beach for $21.19 million in November 2025.

Miami-Dade’s industrial market remains relatively healthy despite a modest increase in available space. According to Colliers’ first-quarter report, the county’s industrial vacancy rate rose to 7.1%, up from 6% a year earlier. Meanwhile, average asking rents for warehouse space increased to $16.81 per square foot, compared with $16.57 per square foot during the same period last year.

Source: SFBJ