Transwestern Secures Buyer Within One Week on Market
May 11, 2021
Miami – Transwestern Real Estate Services (TRS) announces its South Florida industrial team has facilitated the sale of a 17,223-square-foot industrial building at 7760 NW 56th St. in Doral, Florida. Executive Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse and Vice President Carlos Gaviria represented the seller in the $3,015,000 sale.
“The property received intense interest due to its air-conditioned warehouse, newly renovated office space, and superior downtown Doral location that offers immediate access to both the Palmetto Expressway and Miami International Airport,” said Gaviria. “The building went under contract at full asking price within a week of hitting the market, which demonstrates the strong demand for this type of industrial product, and the desire to own versus rent in an extremely tight market.”
According to Transwestern research, Miami International Airport’s freight traffic reached its highest reported level in 2020, at more than 2.3 million U.S. tons, an increase of more than 2.5% from 2019. Benefitting from this activity, Miami’s industrial leasing activity rebounded by the end of 2020 to mirror recent historical trends.
A lack of new industrial development to meet demand is placing a premium on existing product, prompting many users to consider purchasing to control and predict occupancy costs. Earlier this year, Transwestern negotiated a record-setting price for a vacant industrial property in Hialeah. The 122,000-square-foot asset sold for $11.6 million, or $95 per square foot.
Jacog Advisors’ Francisco Giron represented the buyer in the transaction.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com.