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 properties, Milam Dairy Commerce Center I and II, are located at 6700 Northwest 72nd Avenue and 7205 Northwest 68th Street near Medley.
The combined size of the two complexes is approximately 100,000 square feet, resulting in a price of $268 per square foot. These assets have seen substantial appreciation since their last sales: Prudence Investments bought the site at 6700 Northwest 72nd Avenue for $800,000 in 1987 and acquired the property at 7205 Northwest 68th Street for $1.1 million in 1997. The buildings were constructed 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, represented Prudence Investments. Ulloa and Macias also assisted Cofe with lease negotiations involving the properties’ tenants by renegotiating about twelve percent of leases to meet funding requirements.
Cofe Properties was founded in 2002 and is considered one of South Florida’s more active investors in commercial real estate, focusing on office, retail, and industrial properties. Last year, Cofe sold a mixed-use complex near Medley for $38.5 million after purchasing it for $7.8 million in 2017. In another notable transaction from recent years, Cofe acquired a fully-leased seven-building industrial site at Sunrise Commerce Park for $42.3 million in 2021. According to company information online, Cofe currently owns thirty-two retail, office, and industrial assets primarily located within Miami-Dade and Broward counties.
The Medley area continues to attract significant investment activity from other firms as well. In August, Workman Real Estate Ventures (WREV) purchased three warehouses at various locations on Northwest 82nd Avenue and Street for $22.7 million. Earlier this year in May, Simi Capital acquired an eighty-thousand-square-foot facility at 8505 Northwest 74th Street for $31 million.
