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Avison Young arranges $9.1M sale of industrial building in Miami submarket
The 109,000-square-foot space sits in Hialeah's highly sought after industrial corridor
Miami, FL – Avison Young, a global real estate advisory firm, has successfully arranged the sale of a 109,000-square-foot (sf) industrial property located in Miami’s Hialeah submarket at 7400 NW 37th Ave Miami, FL for $9.1 million or $83.48/SF. The single tenant, RAM Steel Framing, will continue to operate its robust steel manufacturing headquarters for South Florida’s ever-growing skyline.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Brian C. de la Fé represented the seller, Plage Associates LLC, and the buyer, Miami-based Azora Exan. The team previously arranged the sale of the building to Plage Associates LLC in 2020 for $7.5 million.
“Industrial properties across South Florida continue to be in high demand as net absorption has been positive year-over-year since 2010 with the Hialeah submarket boasting the third-lowest vacancy rate in the region according to Avison Young’s second quarter 2024 research,” said Duckworth. “In addition to the property’s prime location, the tenant’s continued investment in the building, including a new roof and renovated office space, and strong track record as the largest steel manufacturer in South Florida, made this building very attractive to the buyer.”
Strategically located approximately three miles from Miami International Airport and six and a half miles from PortMiami, the property benefits from easy access to the region’s major transportation hubs and immediate exposure to a large labor force from Hialeah’s booming population.
"Acquiring this property not only reaffirms our commitment to expanding our presence in the Miami industrial sector, but also underscores our confidence in its sustained growth and potential. We are eager to build upon our portfolio in South Florida and enhance value for our investors," commented Tomas Von Hartz of Azora Exan.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2024 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 13 consecutive years.
About Azora Exan
Azora Exan is a Real Estate Fund Manager with an exclusive focus on commercial properties. We actively manage 7 Closed Investment Vehicles and several separate accounts with private and institutional capital from Spain, Latin-America, and the Middle East.
Since 2014, Azora Exan has transacted on over $3.6 billion worth of commercial real estate in major U.S. markets and currently manages over 5.0 million square feet of net rentable area.
About Azora
Operating across the Pan-European and US real assets markets, Azora Capital is a leading alternative investment manager, with €9.7 billion in assets under management. Azora has 20+ years of developing and managing successful investment value-add strategies based on global megatrends, with a deep focus on operationally intensive asset classes. To date, Azora has delivered a blended Net IRR of 19% across its investments, leveraging its expertise to deliver exceptional long-term value and alpha for investors.
Azora was launched in 2003 by Concha Osácar, who remains Chair of the business, and Fernando Gumuzio, who remains the business CIO, and employs more than 280 professionals across 3 offices worldwide. It prides itself on its inclusive and entrepreneurial culture, and its vision to become a force for change in the world through its commitment to the highest levels of both environmental and social sustainability. To find out more, visit: https://www.azora.com
Media Contact:
Reilly Lockwood, Media Relations & Content Specialist, South Region: +1.508.808.1202