Cushman & Wakefield’s Miguel Alcivar Teams with Colliers International’s Jonathan Kingsley and CBRE’s Michael Silver to Broker the Disposition of ±164,000-SF Distribution Warehouse
MIAMI, May 1, 2016 — Cushman & Wakefield announced today that it has negotiated the sale of the Econocaribe Building, a 164,432-square-foot warehouse distribution facility located at 2401 NW 69th Street.
Cushman & Wakefield Director Miguel Alcivar in partnership with Colliers International Executive Vice President Jonathan Kingsley and CBRE First Vice President Michael Silver, represented sellers Econo1, LLC, Joseph P. Luchese, Jr. and Michelle Gersten in the disposition. Investor RLF Acquisitions, LLC purchased the asset for $7.5 million ($46 per square foot).
The Econocaribe Building is a single-tenant distribution warehouse built in 1955 on ±9.62 acres in Miami’s Gateway submarket. The functional, cross-dock facility comprises a one-story warehouse and two-story office. The fenced facility features 27 dock-high loading positions that can accommodate up to 40 trucks, a receiving ramp that can accommodate an additional 13 trucks, and 22-foot clear heights. The site offers 180 total parking spaces.
The property is strategically located near the Port of Miami, Miami International Airport and Miami Metrorail. This central location is ideal for industrial distribution warehouse users.
The building is currently 100 percent occupied by ECU Worldwide (formerly known as Econocaribe Consolidators), which utilizes the facility as its world headquarters. ECU Worldwide is an international transportation specialist formed in 1968 and providing ocean transportation services since 1971. It is represented in its real estate transactions by Colliers’ Kingsley.
ECU Worldwide is a non-vessel operating common carrier (NVOCC) with offices throughout the United States and partners throughout the world. They specialize in freight consolidation with receiving terminals located throughout the United States.
“The Econocaribe Building offering was an excellent opportunity to acquire a critical mass of functional, ‘final mile’ distribution space for substantially below-replacement cost in a Miami industrial market that is increasingly supply constrained,” said Alcivar.
The marketing team, with the help of attorney Norman Leopold, also advised ownership in the strategic acquisition of an abandoned 0.87-acre railroad spur, which bisected the property, from Miami-Dade County.
“This intermediate step was critical to the overall transaction’s completion,” said Kingsley.
“Despite the older vintage of the asset and location on the eastern outskirts of the Hialeah industrial submarket, the offering received strong interest from both private and institutional investors,” added Silver.
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