North Miami Beach Station

With direct Biscayne Boulevard exposure, this 1.96 Acre parcel was acquired by the group in January of 2016. The property has a 35,538 sq. ft. existing warehouse structure which is 100% occupied and has a waiting list for available space. Additionally, there are robust plans for the immediate area of the property as TriRail is considering making 163rd street one of the stops on the Coastal link line. This asset fits our portfolio perfectly, and the in place cash flow provide for safety of ownership.

Deal Dynamics:

The asset totals 1.96 acres of land, and 33,538 sq. ft. of improved structures in a multi-tenant “flex use” warehouse building. Its Biscayne Boulevard exposure makes the building truly unique, and because of its location the property has attracted upper demographic high end tenancy as well as a waiting list for available space. In addition to its phenomenal location, the asset was attractive to us on multiple other levels as well. Aside from the substantial upside provided for in the development rights granted under North Miami Beach’s updated pro-development zoning, the site enjoys Eastern / Northern / Southern water exposures, and is located in what is essentially the center of where the Tri-Rail Costal Link train station is planned to be. Furthering our decision is also our acquisition of the 5 Acre parcel at the corner of Biscayne and 163 street, these value points along with the properties strong in place income made the property jump out at us. 

Deal Mechanics:

This transaction was an off-market deal brought to us by a trusted broker which has done many area transactions with us. The asset was owned by a family for many years, when they made the decision to sell, finding the right buyer was critical to them. Our strength in the area and proven track record of closing transactions was a strong tactical advantage for our group. Currently the property is 100% occupied and provides a nice yield, essentially paying us to conduct pre-development as we finalize our schematic plan and proceed to planned ground breaking in the first quarter of 2018.

About the Area:

This property is located on 164th street abutting the Florida East Coast Rail Road to the east and features unobstructed Biscayne Boulevard exposure. This location provides immediate access neighboring Sunny Isles and Aventura, two of the most desirable and affluent communities in South Florida. The site provides exceptional visibility and exposure with a combined average daily traffic count of more than 120,000 cars on Biscayne Boulevard/U.S. 1 and NE 163rd Street. Immediately east of the property via 163rd Street, Sunny Isles Beach is a city of unparalleled affluence and international acclaim. The area is home to several world renowned headline-grabbing condominium towers featuring average pricing well in excess of $1,500 per square foot. In addition to the renaissance of luxury development, the city of Sunny Isles Beach is also building parks, a community center and improving their infrastructure to lay the groundwork for anticipated future developments and projected 11% population growth over the next five years. Immediately to the north via Biscayne Boulevard, is Aventura, home of one of Miami’s most affluent communities possessing the # 2 mall in the United States, average household income of over $86,000, 100% retail occupancy, and perpetually one of South Florida’s top 5 commercial and residential markets? According to MLS, the average currently listed home price in Aventura is over $1.2 million and the average rent in 2015 is over $2,300.