An industrial site along the Palmetto Expressway in Miami-Dade County was sold for $20 million and a neighboring parcel could be developed into a medical facility.
DJD Real Estate Holdings, an affiliate of John Deere dealer Dobbs Equipment, sold the 5.6-acre site with a 28,000-square-foot warehouse at 4343 N.W. 77th Ave. to San Francisco-based Stockbridge. The seller leased back the facility.
Wayne Ramoski and Kemp Conrad of Cushman & Wakefield represented the seller in the deal. The property last traded for $10.24 million, so it nearly doubled in value. The site was developed in 2002 and expanded in 2012.
“This was a unique opportunity for an investor to acquire a high-quality industrial asset with in-place cash flow in one of the hottest industrial gateway markets in the nation,” Ramoski said.
The site was originally 7.8 acres, but in June 2.2 acres on the western side were sold for $3.5 million to 4343 OZ Holdings, led by Ivan A. Herrera, the CEO and founder of UniVista Insurance and a manager of UniVida Medical Center. The site was divided into two plats, according to Miami-Dade County records.
In October, UniVida Medical filed a pre-application with Miami-Dade County to build a 60,224-square-foot medical office on the western portion of the site, at 4343 N.W. 77th Ave. The site plan by Coral Gables-based Modis Architecture shows 201 parking spaces, with 41 ready for electric vehicles.