Douglas Elliman Commercial Division Associate and CCIM Miami District Director Mitash Kripalani, negotiated the sale of Doral 58th Street Warehouses, a portfolio comprised of nine warehouse properties totaling 14,000 square feet. The warehouses are located at 10171 NW 58th Street in Doral.
Kripalani represented the seller, 58 Street Warehouses LLC, in the $2.2 million transaction.
The original development, built in 2008, included a total of 12 warehouses that were converted to industrial condos. Three of the 12 were sold, leaving the remaining 9 to be marketed as an income-producing portfolio.
“This was a challenging sale to say the least, but I was able to market the portfolio aggressively which ultimately resulted in identifying a foreign cash buyer to purchase them,” commented Kripalani. “Being a part of CCIM and the tools it offers its members, including Site To Do Business (STDB), which is an online service for site analysis, mapping, demographic data, aerial viewing and photos, and customized business reports, really helped me showcase all aspects of this property and its location to potential buyers.”
The buildings were represented over the past two years by three different brokers, unsuccessfully.