Florida warehouse buyer eyes condo conversion

Majority of leases expire this year

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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. ...