Posted on February 16, 2022 · Posted in Industrial / Flex, Office, Retail

It’s always great to put a deal together, but Ken Silberling of Levy Realty Advisors doubled down by not only selling the property, but also negotiating a long-term lease.

Silberling represented the buyer, SPMG Holdings, LLC, in the $4.08 million acquisition of the 27,000-square-foot former Craig Electronics headquarters located at 1160 NW 163rd Drive in Miami Gardens, Florida. He then represented the new owner in leasing the building to The Taverna Collection.

The building features approximately 8,000 square feet of office and 19,000 square feet of warehouse space on 1.3 acres. It is located in Sunshine State Industrial Park at the Golden Glades Interchange.

“We agreed on the contract over the summer, but the seller wanted to hold on through the expiration of the Craig Electronics lease at the end of 2021,” said Silberling. “We then marketed the property for lease, which we completed in January. At $151 per square foot, it was high for Miami Gardens, but below prices for comparable Broward properties.”

Silberling spoke to many owners and brokers in the market but found that no one could explain why Miami-Dade properties sold and leased for less than those in Broward.

“That gap is now closing” Silberling said. “We had offers to flip the contract at a significant profit, but with diminishing supply, a steady flow of relocations from the northeast and minimal new construction targeting smaller users, we believe the value will continue to grow.”

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