(Read more on the industrial market.)
MIAMI-Locally based Costex Corp. has acquired 17 acres of land at 5800 NW 74th Ave. for $21 million, or $28 per sf. Along with the buy, Costex plan to build 200,000 sf of distribution warehouse space on the site.
The property contains a 20,000-sf office and 50,000-sf warehouse that used to be owned by Farm Stores. Costex, whose principals are Gilberto and Teresa Uribe, plans to keep the existing buildings in addition to building the new space.
"They looked at existing buildings and existing sites," ComReal Miami Inc. industrial division partner Edward Redlich tells GlobeSt.com. "But Miami-Dade County has about 200 million sf of industrial space and right now the vacancy rate is about 4 to 5%. It's a very tight market and it was difficult to find that much space." Redlich brokered the deal with Viktoria Telek, also a ComReal Miami Inc. industrial division partner.
Costex, which sells replacement parts for Caterpillar equipment, currently maintains a 160,000-sf warehouse at 6100 NW 77 Court in Miami and three smaller facilities. With construction of the new facility, operations will be consolidated into one location. Architectural drawings for the project have been completed and Costex plans to begin construction within the coming months, Redlich says.
The new facility will be in close proximity to the existing one. It is also nearby a distribution facility for Caterpillar. "They liked the visibility and exposure of the new location, which is near the Palmetto Expressway," Redlich says.
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