Cushman & Wakefield announced the commercial real estate services firm has arranged the $20 million sale of 4343 NW 77 th Ave., a 28,000-square-foot single tenant warehouse/service facility sitting on 5.6-acres of land in Miami’s Airport West submarket.
Wayne Ramoski of Cushman & Wakefield and Kemp Conrad of Cushman & Wakefield | Commercial Advisors represented the seller in the transaction. The property was sold by Dobbs Equipment (a John Deere dealer) and acquired by Stockbridge. As part of the sale, Dobbs Equipment will leaseback the entire warehouse/service facility, which is currently being used as an authorized full-service equipment dealership.
“This was a unique opportunity for an investor to acquire a high-quality industrial asset with in-place cash flow in one of the hottest industrial gateway markets in the nation,” said Wayne Ramoski, Executive Managing Director at Cushman & Wakefield’s Miami office.
Located on the northeast corner of NW 43 rd St. and NW 77 th Ave., the property offers a “last mile” advantage due to its proximity to the Miami International Airport, Downtown Miami, Port Miami, the City of Doral, and the surging population base in the greater Miami metropolitan area.
The warehouse/service facility on-site provides functional street level loading with 22-foot clear heights and includes an office and showroom. Approved flexible industrial/commercial zoning is also in place allowing for potential redevelopment of the facility and broader property for a variety of uses.