The Denver-based real estate investment firm EverWest Real Estate Investors has acquired an 160,000 square foot industrial property in Hialeah, FL in an off-market deal. The property, which is located at 1101 E. 33rd St., an infill location in the heart of Miami’s Hialeah industrial submarket, was acquired for $13.1 million, or $82 per-square-foot. Andrew Gurewitsch of Windsor Realty Partners represented the building seller, a partnership between two local investors.
“Hialeah is a centralized location, in close proximity to Miami International Airport, major thoroughfares and sought-after labor,” said EverWest Director of Southeast Acquisitions Tyler Williams. “The building is also fully occupied with a stable rent roll, making it the perfect candidate for long-term improvements – demonstrating EverWest’s continued ability to acquire and enhance well-located industrial product in a highly competitive landscape.”
“Hialeah is a city within a city with continued strong demand across all asset classes. The property is located in one of the most robust and fundamentally strong submarkets in Miami-Dade with an exciting future,” said Andrew Gurewitsch of Windsor Realty Partners.
The Hialeah building features 18’ to 22’ clear heights with functional dock-high loading, direct rail access, heavy power and a large lot for high-volume trailer storage. EverWest plans to implement a capital improvement program while benefiting from the building’s stabilized tenancy in a submarket with strong rent growth.
The building was fully leased to two long-term tenants at acquisition; IC Industries Inc., a leading South Florida corrugated box manufacturing and delivery service, and Schwarz Partners Packaging, part of an Indianapolis-based holding company with interests in corrugated paper and packaging, with a focus on the full-circle renewable process.