An industrial development group controlled by a Brazilian businessman acquired a 20.5-acre site in Hialeah for $12.74 million.
FVP Hialeah 21 LLC, a Miami Lakes-based company managed by Alicio Pina, Peter Pessoa and Reinaldo Villar, sold the property at 13915 N.W. 107th Ave. to Coral Gables-based Flightway Fourteen LLC.
The site is currently used as a truck yard and has a 6,071-square-foot warehouse.
Mercantil Commercebank foreclosed on the property in 2013 based on an $8.5 million mortgage and FVP Hialeah 21 bought out the loan to seize control of the land. The fact that the sales price was greater than the defaulted loan shows how the demand for industrial development has boosted land prices in northwest Miami-Dade County.
The buyer’s company is managed by Brazilian businessman Josue Dimas De Melo Pimenta. He’s made more than a dozen industrial deals in Miami-Dade in recent years with his “Fligthway” companies.
Most recently, Flightway Eight obtained a $14.7 million loan from C1 Bank to build a 201,572-square-foot warehouse at Northwest 62nd Street and Northwest 102nd Avenue, Flightway VIII started construction on a 200,064-square-foot warehouse at 10211 N.W. 62nd Street, and Flightway Eleven filed a proposal for a retail/office building at Northwest 127th Avenue and Northwest 17th Street.