Genet Property Group Selected Cushman & Wakefield’s South Florida Commercial Team to Market the ±366,000-Square-Foot South Miami Small Bay Industrial Portfolio
Cushman & Wakefield announced today that it has been named exclusive listing agent for the South Miami (SoMi) Industrial Portfolio, a collection of 11 industrial buildings totaling 366,415 square feet and one development-ready pad in Miami-Dade County.
Director Miguel Alcivar, Managing Director Dominic Montazemi, Executive Director Scott O’Donnell and Senior Director Jason Hochman, in conjunction with Executive Managing Director Mike Davis and Executive Director Wayne Ramoski, were selected by Tamarac, FL-based Genet Property Group to market the assets. The portfolio will go to market unpriced.
SoMi Industrial Portfolio comprises 11 buildings distributed throughout four industrial parks in Miami-Dade County — South Dade Industrial Center, Maksanim, Mak Too and Mak 3. The portfolio, comprising primarily small-bay facilities, is 97 percent leased and clustered around a strategic industrial node serving Southern Miami-Dade County near the crossroads of Florida’s Turnpike and South Dixie Highway (US 1).
South Dade Industrial Center
South Dade Industrial Center is 3.36-acre facility located at 23701 SW 132nd Avenue. The property is currently home to a single 33,495-square-foot building developed in 2011. South Dade Industrial Center also features a 30,972-square-foot development-ready pad that would accommodate an additional building. The existing building is 96 percent leased.
The Maksanim properties comprise six buildings on four sites that collectively total 8.9-acres — 10510 SW 185th Terrace, 10918 SW 188th Street (two buildings), 10700 SW 188th Street, 10715 SW 190th Street and 10755 SW 190th Street. These buildings, totaling 218,258 square feet, were developed between 1972 and 1984 and are currently 96 percent leased.
Mak Too is a 3.2-acre site featuring two buildings developed in 2002 at 19100 SW 106th Avenue. This 57,336-square-foot campus is currently 100 percent occupied.
Mak 3 is a 3.34-acre campus located at 19200 SW 106th Avenue. This site houses two buildings, both built in 2004, totaling 56,876 square feet. Mak 3 is currently 98 percent leased.
The portfolio enjoys superior access to Florida’s Turnpike, with 10 of the 11 buildings within one mile of Quail Roost Drive. The entire portfolio is situated along the South Dixie Highway corridor (US 1) giving tenants superior connectivity throughout the region.
The portfolio’s tenants enjoy the wealth of amenities and drivers in the immediate vicinity including the 983,846-square-foot Southland Mall, Home Depot, numerous commercial businesses located along the thriving South Dixie Highway commercial corridor and a myriad housing options.
“The small-bay product format caters to the smaller entrepreneurial businesses that dominate the South Florida economy, where nearly one out of every 10 adults owns a business and small businesses are estimated to comprise roughly 90 percent of the economy,” said Alcivar.
“With more than 200 tenants, the portfolio’s critical mass of product offers true economies of scale and the flexibility to accommodate a wide variety of tenant sizes, industries and needs ranging from ‘quasi-retail’ and services to light manufacturing and self-storage,” added Alcivar.
“The South Miami Industrial Portfolio represents a unique opportunity to aggregate a critical mass of industrial assets in a gateway market with high barriers to entry,” said Montazemi.”
The South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Miller and debt financing partner Hochman closed more than $524 million in sales and financing in 2016. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.