MIAMI-A 40,000-square foot warehouse in the Gratigny Central Industrial Park in northwest Miami-Dade County was sold to a user-owner named Faratis, LLC, for $2.8 million or $70 per square foot. The seller, Laiacona Enterprises, Inc., is a Florida corporation. The buyer, who is based in Uruguay, operates under the company name Pagnifigue. The company produces baked goods and will be relocating from its current facility in Doral, near Miami International Airport.

Laiacona Enterprises constructed the building in 1995 and expanded it in 1998. It is located on nearly two acres in the Gratigny Central Industrial Park and was used by the seller to store and distribute products such as Zephyrhills and San Pellegrino water. The seller outgrew the building and now leases more than 120,000 square feet in the city of Medley in northwest Miami-Dade County.

The Gratigny park has about 750 acres and seven million square feet of buildings, says Steven Medwin,  a Jones Lang LaSalle executive vice president and one of the brokers who represented the seller. Although it is a large park, it doesn’t get a lot of attention from the business press because the buildings are owned by many different owners, he says. Only a couple of institutions own multiple buildings in the park. “AMB, a large REIT, owns 1.5 million square feet there. But most of the owners are users/occupants,” says Medwin.

Some  of the buildings in the Gratigny park go back to the early 1970s, although others were built in the  mid-2000s, says Medwin. One building which is just being finished, is owned by a recycling company, which is building on a four-acre site it bought last year, he says.

Another building, occupied by the Iron Mountain record storage company, has about 130,000 square feet. It was  built in 2007 and is owned by a local investor, says Medwin.

“Historically, Gratigny park has been well occupied,” says Medwin, “which is another reason why you don’t hear much about it.” The park is near the city of Opa Locka in unincorporated Miami-Dade County and is next to the North Campus of Miami-Dade College. The Winn-Dixie supermarket chain has its distribution center in the park.