Penske Buys Miami-Dade County Site For New Location In Doral

Penske Truck Leasing purchased a Doral property to establish a new location for its business.

Hackney Properties LLC, managed by Robert Hackney in Palmetto Bay, sold the 4-acre property at 9200 N.W. 58th St. for $14.15 million to Reading, Pennsylvania-based Penske. Edison Vasquez of ComReal Miami brokered the deal. The site contains a 45,015-square-foot industrial building.

The site last traded for $950,000 in 1989.

“Despite the higher interest rates, there is still strong demand for industrial buildings in South Florida, especially Miami and Doral,” Vasquez said. “The highest offers for this building came from users. Over the last few years, the large increases in industrial rental rates paired with low borrowing costs allowed investors to often outbid the users, but because of the now higher cost of debt, investors must reassess some of their underwriting factors, creating situations where users can once again be competitive in the bidding process.”

He said Penske will utilize this property as a new truck rental location. This will be its seventh location in Miami-Dade County.

Source: SFBJ