Laurent Groll bought a pair of industrial buildings adjacent to Doral for $18.1 million.
An entity run by the Miami Beach-based real estate investor acquired two warehouses covering nearly 93,000 square feet at 8280 Northwest 64th Street and 6350 Northwest 82nd Avenue, records show. Groll’s subsidiary secured a $10.8 million loan from Bank of America.
The deal comes down to about $188 per square foot for the buildings.
The sellers, two entities managed by William and Charlotte Lyons in Englewood, Florida, purchased the two properties in 1996, records show. The previous sale price is not mentioned in the deed. The buildings were completed in 1983 and 1989.
In July, Groll and his partners, Nelson Gonzalez and Alfredo Xiques, flipped waterfront land in Miami Beach to $14 million for a gain of 31%, one month after the acquisition of the property. The previous month, a Groll entity paid $15 million for an office complex in Miami Lakes, records show.
Groll has taken over the Doral warehouses at a time when landlords keep asking rents from The South Florida Industrial Market. According to JLL, warehouse vacancy rates in Miami-Dade, Broward and Palm Beach counties hit a record high single digit during the third quarter.
The vacancy rate in Miami-Dade has fallen to 1.8 percent in the quarter, compared to 4.5% in the same period last year, JLL found. As a result, asking rents reached $14.35 per square foot in the third quarter, compared to $8.84 per square foot during the same period last year.
Demand is so strong in Miami-Dade that developers are running out of land to build new industrial projects. Earlier this week, the Miami-Dade County Commission voted 8-4 to allow developers Stephen Blumenthal and Jose Hevia to build a massive industrial development on 379 acres in Southwest Miami-Dade which is outside the Urban Development Boundary, or UDB.
The boundary is intended to limit the encroachment of new developments on farmland, wetlands, the Everglades and Biscayne Bay. The developers have pledged to donate 611 acres of land to Miami-Dade’s Environmentally Threatened Lands Program to gain county commission approval.