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10.35 Acres sold for Industrial Development in Miami-Dade County

Colliers South Florida represented the buyer in the $21.75 million transaction

MIAMI, FL, April 5, 2022 – As the frontier of industrial development continues to drive the demand for developable land in Florida, Colliers negotiated the sale of the Borden Dairy Co./Velda Farms dairy processing facility at 501 NE 181st St in Miami for $21.75 million.

Colliers South Florida’s Executive Managing Director Steven Wasserman and Managing Director Erin Byers represented the buyer, CP Logistics Miami 95 LLC., in the transaction. Harold Ginsberg from Southern Asset Service Corporation represented the seller, New Dairy Florida, LLC., in the transaction. In this highly competitive industrial real estate sales market, the buyer signed the purchase and sales agreement and closed the same day.

“This transaction showcases how developers are getting more creative with purchasing sites, often looking for properties that can be demolished or rebuilt,” said Wasserman. “This site provided a strategic location with I-95 frontage that was optimal for redevelopment.”

The buyer, CP Logistics Miami 95, LLC., also known as Panattoni Development, has plans to redevelop the site into a 126,000-square-foot Class A warehouse by late

 
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2023. The current tenant for the past 50 years, Borden Dairy, will vacate the site for redevelopment.

“This purchase reflects the strength of Florida’s industrial sector and the tremendous demand from developers and tenants for more space,” said Byers. “The market continues to thrive from robust interest from developers looking to build.”

Panattoni Development is a privately held commercial real estate development company specializing in industrial, office and build-to-suit projects. Panattoni has successfully developed more than 544 million square feet of industrial, office and retail space in more than 310 cities.

Favorable market fundamentals driven by population growth and a relentless demand for industrial space has heightened investor attention in Miami-Dade County reflected by record-breaking industrial sales activity in 2021. With high absorption rates expected to continue, coupled with land scarcity and a current vacancy rate of 2.7 percent, investors and developers are looking for new opportunities within existing warehouse sites that are prime for redevelopment.


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Steven Wasserman

Executive Managing Director, Industrial Srvs

Fort Lauderdale

As Executive Managing Director at Colliers International and one of the team leaders in the South Florida Industrial Services Group, Steven Wasserman leads a diversified industrial practice representing institutional property owners in leasing and strategic advice.

With nearly 40 years of experience in the South Florida market, Wasserman has spearheaded complex business transactions such as built-to-suit, land development, environmental, and acquisition and disposition of specialized properties. Steve has marketed a 200-acre business park, more than two million square feet of institutional leasing and sold hundreds of thousands of feet of owner/user properties. 

His longtime clients rely on him for strategic and candid advice in the industry and in this market, bringing together the extensive network of relationships, industry trends and local market knowledge he has cultivated throughout his career in South Florida.

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Erin Byers

Senior Managing Director | Industrial Services

Miami

As a South Florida native, Erin has witnessed the transformation of many cities throughout the tri-county area. Although other factors have influenced her decision to venture into commercial real estate, observing the growth and development of Miami-Dade’s industrial sector contributed significantly.

Over the last ten years, through thorough financial analysis Erin  has been able to develop an extensive transaction history that covers a wide range of disciplines including sales, leasing, portfolio management and development. Her approach focuses solely on my clients' goals and has resulted in multiple significant transactions and savings.

She understands that your role as a business owner or decision maker requires comprehensive information, strategic planning and timely execution. By leveraging her knowledge of current market conditions and past experiences, she is able to provide an unprecedented level of service, focusing on your specific real estate requirement, best interests and long-term goals.

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