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Venezuelan Food Mogul Nabs Miami Warehouse For $8M

A food company tied to Venezuelan Mauro Libi, who owns a food empire, bought a warehouse in Miami International Park for $7.8 million.

Records show Eleo Group, managed by Libi, bought a 47,668-square-foot warehouse at 7300 Northwest 35th Terrace from Medley-based window blinds and shades manufacturer Vertilux.

Built in 1983, the two-story facility is on 1.8 acres, according to property records.

Vertilux, led by president Jose Alexandre Garcia Costas, bought the property in November 1998 for $2.5 million, a deed shows.

Libi, who owns or has an interest in more than 30 companies across the world, is principal and CEO of Food Group International by A&M Global Solutions. It is part of an international oatmeal production and distribution conglomerate, according to LinkedIn. Libi’s Eleo Group shares a Doral address with A&M Global Solutions, records show.

Food Group’s signature brand is Avelina, which offers oatmeal and other oat-based products. Avelina sources its raw products from Chile and processes them at a Food Group facility in Miami, according to its website.

Seller Vertilux, founded in 1983, is one of the world’s biggest makers of window coverings. It sells its products in Canada, Latin America and the Caribbean as well as parts of Australia and Europe, according to its website.

Miami-Dade County’s industrial sector was the only asset class to grow during the pandemic. According to a JLL fourth quarter report, the county had 1.3 million square feet of positive net absorption last year, and for the first time in four years demand outpaced supply.

The Airport West submarket, where the warehouse is based, had the second lowest vacancy rate for warehouse and distribution facilities at 5.3 percent, following the East Dade submarket at 4.2 percent. Airport West, as well as Northwest Dade and Medley, had no vacancy for manufacturing facilities, according to JLL’s report.

Industrial real estate deals also have been plentiful.

Avra Jain, Joe Del Vecchio and Terra’s David Martin had planned to build a sports entertainment facility on 4.7 acres in Miami’s Liberty City, but sold the land this month for $7.5 million after receiving several offers.

In January, an affiliate of Blackstone Group and its Revantage corporate services company bought an 18-acre industrial development site in Doral for $21 million. And Ivy Realty bought a 150,000-square-foot Miami Lakes warehouse in January for $17.5 million. In December, Boston-based TA Realty bought back pieces of its Hialeah industrial portfolio from Cofe Properties for $52 million.

 

Source: The Real Deal

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