With a just-closed, off-market buy in Hialeah, Denver-based EverWest Real Estate Investors has expanded its strategy of investing and improving assets in prime industrial locations. Its latest purchase is located at 1101 E. 33rd St., an infill location in the heart of Miami’s Hialeah industrial submarket.
EverWest purchased the 160,000-square-foot building for $13.1 million, or $82 per-square-foot.
“Hialeah is a centralized location, in close proximity to Miami International Airport, major thoroughfares and sought-after labor,” said EverWest Director of Southeast Acquisitions Tyler Williams. “The building is also fully occupied with a stable rent roll, making it the perfect candidate for long-term improvements – demonstrating EverWest’s continued ability to acquire and enhance well-located industrial product in a highly competitive landscape.”
Andrew Gurewitsch of Windsor Realty Partners represented the building seller, a partnership between two local investors.
The Hialeah building features 18’ to 22’ clear heights with functional dock-high loading, direct rail access, heavy power and a large lot for high-volume trailer storage.
The building is fully leased to two long-term tenants: IC Industries Inc., a leading South Florida corrugated box manufacturing and delivery service, and Schwarz Partners Packaging, part of an Indianapolis-based holding company with interests in corrugated paper and packaging, with a focus on the full-circle renewable process.
EverWest is an active investor and lender across the United States, spanning industrial, office, retail and multi-family product.
At the Hialeah property, the company plans to implement a capital improvement program while benefiting from the building’s stabilized tenancy in a submarket with strong rent growth. The approach continues EverWest’s push to acquire and improve stable industrial assets in key U.S. growth markets – mirroring other stabilized and value-add projects secured by the company this year in the Seattle, Nashville and Denver metro markets, as well as a new acquisition in Southern California’s Inland Empire.