The parcels have been purchased for nearly $18 per square foot.Two parcels in the heart of Doral have been purchased for $4,400,000, or nearly $18.00 per square foot.
Jose Juncadella, SIOR, broker and firm principal at Fairchild Partners, along with Sebastian Juncadella, associate with the firm, represented PR Transal Park Land LLC, the seller, in the cash sale of the parcels, located at the northeast corner of NW 27th Street and NW 84th Avenue in Transal Park.
Built in 1988, Transal Park is a mixed-use development that consists of flex, industrial and retail space, as well as the Intercontinental Hotel. Prudential purchased the park in 1998 for $13,100,000, according to Miami-Dade County records.
Stephen Di Giacomo, SIOR and Patricia Marquez ofDiGiacomo Grouprepresented the buyer, Overcom Trade, Inc. in the transaction, which will be utilizing the site to build a new headquarters facility. The import/export facilitator is currently housed in a 35,000 square foot facility located in Miami International Commerce Center in Doral.
The deal closed Monday, June 9.
Overcom is planning to build a 70,000 square foot facility on the new site, which totals 5.7 acres, or 248,292 square feet.
“Finding a suitable piece of land in the Doral marketplace today is harder than ever,” commented Di Giacomo. “We see demand for what is currently zoned and recognized as industrial property coming from hotels, residential apartment developers and retail users. They are all putting pressure on the last few remaining parcels. Amidst this competition, we were able to locate property that will allow Overcom Trade to build a new corporate headquarters and remain here in Doral.”
These particular parcels were purchased as part of a 16-acre purchase in May 2013. PR Transal Park LLC (Prudential RE Investors), through a partnership with a development entity that includes local developer Ford Gibson, has recently broken ground on two state-of-the-art warehouse/distribution centers that will be located on the second site. The project, Transal Logistics Center, totals 218,000 square feet.
“One of the big challenges with this deal was going through the architectural review process for the park as well as ensuring that the proposed Overcom facility would be approved with its particular headquarters requirements. Ultimately, both buyer and seller worked together to find mutually beneficial solutions in a great example of good faith dealing,” added Jose Juncadella.
CIASF is a non-profit organization of business leaders involved in the development, design, construction, sales, and leasing of Industrial and Commercial Real Estate in South Florida. The association hosts events each month covering a wide range of topics including the Industrial Market Report in January and the Office Market Report in May, its signature events.