Florida warehouse buyer eyes condo conversion

Majority of leases expire this year

Brokerage firm Marcus & Millichap recently negotiated the sale of a 93,740-square-foot industrial warehouse in Doral, Fla., for a price of more than $12.7 million. The unidentified buyer has "an excellent condo conversion opportunity," according to Greg Zeifman, an investment specialist in Marcus & Millichap's Miami office, as 10 of the 14 current leases are expiring in 2007. Located at 3500-3600 NW 115th Ave., the fully leased property sits on a 160,730-square-foot lot and consists of 14 dock-height warehouse bays ranging in size from 6,370 square feet to 8,300 square feet. Approximately 20 percent to 30 percent of the property consists of high-end, two-story office build-outs, according to a press statement. ...