Cofe Properties has expanded its presence in the South Florida industrial real estate market with the purchase of two warehouse complexes in northwest Miami-Dade County for $26.8 million. The acquisition includes Milam Dairy Commerce Center I and II, located at 6700 Northwest 72nd Avenue and 7205 Northwest 68th Street near Medley.
The combined properties cover approximately 100,000 square feet, translating to a price of $268 per square foot. These assets have seen substantial appreciation since their previous sales decades ago. Prudence Investments, the seller based in Miami, acquired the site at 6700 Northwest 72nd Avenue for $800,000 in 1987 and purchased the five-warehouse property at 7205 Northwest 68th Street for $1.1 million in 1997. The buildings were completed in 1988 and 1998.
Raul Pino and Pablo Vignolo from The Hype Real Estate Group represented Cofe Properties during the transaction. Casall Group, along with Tony Ulloa and Marcos Macias from Keyes Company, acted on behalf of Prudence Investments. Ulloa and Macias also assisted Cofe with lease negotiations involving the properties’ tenants. According to a press release, “Ulloa and Macias also assisted Cofe with lease negotiations involving the properties’ 87 tenants, renegotiating 12 percent of leases to satisfy the buyer’s funding requirements.”
Cofe Properties was established in 2002 and is recognized as an active participant in South Florida’s commercial property market, focusing on office, retail, and industrial assets. In recent years, Cofe has engaged in several notable transactions. Last year it sold a mixed-use office and industrial complex near Medley for $38.5 million after purchasing it for $7.8 million in 2017. In another deal from 2021, Cofe paid $42.3 million for a fully-leased seven-building industrial site at Sunrise Commerce Park.
Currently, Cofe owns a portfolio of thirty-two retail, office, and industrial properties mainly located within Miami-Dade and Broward counties.
The Medley industrial submarket has seen other significant activity recently as well. Workman Real Estate Ventures (WREV) bought three warehouses at different addresses on Northwest 82nd Avenue and Street for $22.7 million this August. In May, Simi Capital acquired an eighty-thousand-square-foot facility at 8505 Northwest 74th Street for $31 million.
