Brokers From Three Companies Combine On Industrial Deal - Miami Airport Warehouses

A Miami warehouse known as the Econocaribe Building traded with the help of three brokers who formed a unique partnership to seal the deal.

The sellers were represented by Cushman & Wakefield director Miguel Alcivar, CBRE Inc. first vice president Michael Silver and Colliers International executive vice president Jonathan Kingsley.

The South Florida trio marketed the property on behalf of an ownership group that included Econo 1 LLC, Joseph Luchese Jr. and Michelle Gersten.

The 164,432-square-foot distribution facility named for its lone tenant houses the headquarters of ECU Worldwide, a global freight company formerly known as Econocaribe Consolidator.

The warehouse at 2401 NW 69th St. sold for $7.5 million, or $46 per square foot, in late April. The buyer was a Delaware company with an address linked to Realterm, an Annapolis, Maryland-based real estate management company, according to Broward County property records. The property itself was a tough sell for the brokers.

“It was a shorter term lease at five years in an older, vintage property in a location that’s on the outskirts of the Hialeah industrial market,” Alcivar said.

An abandoned 0.87-acre railroad spur bisects the 9.6-acre site northwest of Interstate 95 and the Airport Expressway. The brokers advised the selling group to purchase the sliver of county-owned land before handing the property over to a new owner, a process that took about eight months, Alcivar said.

The marketing team drew interest to the site by highlighting its proximity to PortMiami and Miami International Airport, a plus for tenants like ECU Worldwide. They also marketed its 22-foot clear height and the 27 dock-high loading positions that can accommodate 40 trucks.

“It’s a very unique situation when you have that many brokerages involved,” Alcivar said.

His capital markets team was tapped to market the property in 2015 when he was with CBRE. Silver, a former colleague, was hired to sell the property and brought Alcivar‘s team onboard. But Alcivar was part of a nine-member group that jumped to Cushman & Wakefield that year, so he brought the listing with him. Colliers‘ Kingsley represented the tenant, which also had an ownership stake in the property.

“We were able to bring our complementary strengths to the table to best represent our clients’ needs,” Alcivar said.

 

Source: DBR