Dealmaker: Avison Young Closes $32M in Industrial, Multifamily Sales

Avison Young, Toronto, negotiated $32.2 million in industrial and multifamily property sales in Florida.

In Miramar, Avison Young represented seller Zeta Associates LLC when it sold 56,000-square-foot Miramar Park of Commerce, an industrial/flex building at 10315 USA Today Way. CRG Acquisition LLC purchased the property for $18 million, or $321.02 per square foot.

Avison Young Principals Tom Viscount, David Duckworth, Michael T. Fay, John C. Crotty, Wayne Schuchts and Senior Associate Bobby Benton led the marketing effort.

Viscount said the sale demonstrated the resilience and attractiveness of south Florida’s industrial market. “Specifically, the significant price per square foot is indicative of the high demand for Class A industrial and flex space as investors continue to see south Florida as a key growth region,” he said.

Fewer than 10 industrial/flex buildings over 50,000 square feet have sold in the past year, Viscount noted.

Located between Fort Lauderdale and Miami, Miramar Park of Commerce is a light industrial campus in southwest Broward County fronting the Florida Turnpike.

Avison Young also sold Hapimag Orlando Lake Berkley Resort, a residential community with 100 townhomes in Kissimmee. The $14.28 million transaction represented the largest multifamily sale in Kissimmee this year.

Avison Young Senior Vice President Rosendo Caveiro represented the European seller during the sale. Richard Barthelemy of Aleph International Realty represented buyer SAR Apartment Capital LLC.

“Hapimag Resort has operated as vacation rentals, but unlike in traditional multifamily properties, the units can serve as short-term rentals or be sold to private individuals,” Caveiro said.

The Kissimmee/Orlando market is a major Florida tourist destination. The metro historically has higher annual job growth than other major Florida markets and one of the highest in the U.S. post-pandemic.