Buyer Park 1910 NW 97 Ave Owner LLC purchased the warehouse, which is situated on just over 6 acres, from Clover Logistic 1910 PROPERTY HOLDINGS LLC, for $16,200,000. The price equates to $150.46 per square foot.
The deal closed November 2.
Jose Sasson with Axiom Capital Advisors represented the buyer.
“The lack of inventory for properties for sale within this size range along with continued demand for e-commerce / distribution centers made it the right time for Clover to sell,” explained DiGiacomo.
“Large institutional investors still see the Airport West market as a bright spot for long term investments,” added Zuniga.
“This sale during the pandemic is indicative of our changing market,” explained Marquez. “Industrial markets are as strong as ever due to 3PL’s in service to the E-commerce. The future appears bright for industrial assets, unlike many others.”
The building was purchased with a short-term lease-back in place.