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Grocery Wholesaler Buys Hialeah Warehouse For Record $12M

A wholesale grocery company bought a 122,000-square-foot industrial property in Hialeah for a record $11.6 million.

Thirty Six Ninety LLC sold the property at 3690 Northwest 62nd Street to Alfoncito Investments. The buyer is tied to Rex Discount wholesale grocery, which will occupy the building, according to a press release.

Thirty Six Ninety is managed by Kurt Marshall, and Alfoncito Investments is managed by Jose Carrera. Miami-Dade County records show that Alfoncito Investments also recently sold a warehouse in Miami for $5.2 million.

Thirty Six Ninety purchased the Hialeah building in 2004 for $4.8 million, according to property records.

Ben Eisenberg, Walter Byrd, Thomas Kresse and Carlos Gaviria of Transwestern Real Estate Services represented the seller in the latest deal, and Joel Kattan and Anthony Peragine of SVN Commercial Realty represented the buyer.

According to Transwestern, the sale price set a record for a vacant building in the submarket. It sold for $95 per square foot.

Founded in 1981 by Pepe Carrera, Miami-based Rex Discount wholesale grocery is a privately held company that specializes in private label items imported worldwide, according to its website.

Recently, Hialeah has been a hot spot for industrial deals. Last month, CenterPoint Properties Trust purchased two warehouses and land inside Countyline Corporate Park for $184.4 million.

Last year, TA Realty bought an assemblage of over 40 parcels in Hialeah for a total of $52 million, and a company linked to the mayor of Sunny Isles Beach sold a warehouse for $13.1 million.

 

Source: The Real Deal