Purchases by Cervera R.E. Ventures and New York based investment group highlight increasing activity in city.
Miami, FL -- (ReleaseWire) -- 08/28/2018 --The commercial property market in Hialeah just keeps getting hotter.
Cervera R.E. Ventures just paid $11.3 million for a property it intends to renovate at 3800 West 12th Avenue, its first acquisition in the city of Hialeah, according to sources. The sales price for this two-story retail plaza, built in 1984 and sitting on just under 3 acres of land fronting Ludlam Road, reportedly works out to about $150 per square foot. Like many properties of this type in Hialeah, its tenancy is a mix of restaurants, small medical offices, and varied storefront tenants, a beauty salon, a dance studio, a karate studio, even a day care.
Directly to the east of this, on the other side of Red Road, a single-story retail center built in 1947 and located at 4100 Palm Avenue recently sold for $1.8 million. Brokered by James Hawkins of Keyes Commercial, the property consists of just under 8,500 square feet and sits on a 20,756 square feet lot at the northwest corner of the increasingly busy and light signal regulated intersection of Palm Avenue and West 41st Street. The other corners of this junction are occupied by a Mobil Food Mart and Gas Station with 8 pumps to the south, a Chevron Food Mart and Gas Station also with 8 pumps cater-corner to the southwest, and a similarly sized and configured retail plaza to the east. The sales price works out to $211 per square foot of building and $87 for each square foot of land. Tenancy at this site is a variety of small storefront retailers, including a longstanding video store occupying the property's highly visible corner unit. Financing for the purchase was provided by Valley National Bank, with efforts there led by Vice President Gus Treichel.
Both of these properties sit in proximity to promising developments and considerable commercial activity. This includes a just completed 226-unit multifamily complex at 3500 West Ninth Avenue, between the two properties but nearer the property purchased by Cervera R.E. Ventures, the Hialeah Park and Casino, located to the southeast, nearer the 4100 Palm Avenue site, and the prominent retail corridor of Palm Springs Mile, just to the north of both properties.
Cervera R.E. Ventures reportedly has plans to pick up more property in the area, being currently under contract to purchase a nearby set of industrial properties for just under $3 million. Hialeah's industrial activity has been on a tear, in line with supply constrained industrial property all over the county. Hialeah in particular benefits with its proximity to Miami International Airport and about-as-good-as-it-gets access to the Port of Miami. Cervera R.E. Ventures also is reportedly under contract to sell a piece of land in Miami's Arts & Entertainment District for a cool $30 million, leading some to wonder if they're making a shift from "hot already" to "heating up." Likewise, though not currently under contract on other properties, the buyers of the retail plaza at 4100 Palm Avenue, a New York based investor group, plan to acquire more area properties.