CBRE Senior Vice Presidents Larry Genet, Tom O’Loughlin and Senior Associate Jake Zebede negotiated the purchase of an ±80,000-square-foot freezer facility located at 650 NE 185th Street in Miami.
Genet led the team in representing the buyer, Ivy Realty, which paid $13,250,000 in the off-market deal. Stuart T. Kapp of Kapp Morrison LLP represent Ivy Realty as legal counsel.
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More warehouse spaces are sitting empty in South Florida. The delivery of new construction combined with the pandemic are to blame.
Vacancies rose from the first to second quarter in Miami-Dade and Broward, according to the latest Colliers International industrial reports.
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The industrial sector is expected to weather the economic ramifications of the COVID-19 pandemic better than other areas of the economy, according to an Industrial Sector Outlook report by Colliers.
