Even as the industrial sector booms thanks to a surge in online shopping, some buyers are still repurposing warehouses.
Private school Shelton Academy has acquired a 75,164-square-foot cold storage facility in Doral for $13.2 million, according to information from Cushman & Wakefield. The property, at 9455 NW 40th Street Road is located 12 miles west of Miami’s International Airport.
“The Catholic school is relocating to a space previously occupied by global food company Swiss Chalet to accommodate its plans to expand the student body,” said broker Jack Katsikos of The Katsikos Group, who represented the school.
It’s currently located at 11300 NW 41st Street. The property previously traded for $9.5 million in 2007, county records show.
“Industrial is certainly a hot asset class, but there are better uses for properties that have historically been industrial,” said C&W broker Miguel Alcivar, who represented the seller, Gel Realty LLC.
C&W’s Wayne Ramoski, Gian Rodriguez and Skylar Stein with David Haut of Benchmark Associates represented the seller. Lee Katsikos was also associated with the transaction.
Source: Commercial Observer