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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There is no doubt COVID-19 will negatively affect many sectors of the real estate market, but not all industries will be impacted in the same way. Industrial real estate, in particular, may actually benefit from the current crisis.
CBRE Group published a market update on April 8, 2020, specifically relating to the impact of COVID-19 on the industrial sector of commercial real estate, clearly showing that several types of industrial real estate are seeing huge increases in demand since the outbreak.
CBRE Senior Associate Ana Rivera negotiated a sale on behalf of Cherokee Enterprises, Inc. (CEI), the seller, of a one-acre industrial site located at 10592 NW 134th Street in Hialeah Gardens, a submarket approximately 10 miles north of Miami International Airport.
Dade Contracting purchased the site for $1,100,000, a 20 percent increase over the original investment. The deal closed January 13.
