EverWest Real Estate buys Hialeah Gardens Warehouse for $43 million

Rick Stone and Tyler Williams of EverWest Real Estate Investors; View of newly built industrial property at 10900 NW 146th Street in Hialeah Gardens (Commercial Real Estate Group, EverWest Real Estate Investors, iStock)

EverWest Real Estate Investors purchased a newly built warehouse in Hialeah Gardens for $43.2 million, continuing their buying spree in South Florida.

Denver-based EverWest has purchased the 164,298-square-foot industrial building at 10900 NW 146th Street from Flightway Fifteen, according to Jose Sasson, the buyer’s broker. It was an off-market deal.

Like Sassoon and Roberto Susi, both from Axiom Capital Advisors, Everwest. The seller represented Ralph Merritt, Jr. of the Commercial Real Estate Group.

The Class A building sits on 8.5 acres and contains 21 bays, each approximately 7,800 square feet; Clear elevations of 30 feet; Sassoon said, has seven parking spaces for each unit. The property is vacant as it has just been completed.

Flightway Fifteen, associated with Josue and Monica Pimenta with Coral Gables, bought the development site for $3.3 million in 2016, according to records.

The property is located in an industrial area with several business owners, including Duke Realty, TA Realty, and Foundry Commercial.

EverWest, which invests in various types of real estate, is led by CEO Rick Stone, with Managing Director Tyler Williams overseeing acquisitions in the Southeast.

The company has been hosting industrial South Florida real estate, having paid $14.1 million last month for fully leased property at 635 Northwest Fourth Avenue in Fort Lauderdale.

In January, EverWest purchased a warehouse at 20351 Sheridan Street in Pembroke Pines for $58 million, or $18 million more than the seller, Vital Pharmaceuticals, paid a year earlier.

The South Florida industrial market is one of the strongest in the region, which has fueled investment appetite. Rising demand and dwindling supply of developed land led to higher rents and fewer job vacancies.

In the first quarter, Miami-Dade County’s vacancy rate fell to 2.6 percent from 6 percent in the same period last year, according to a JLL report. Average rent required increased to $11.61 per square foot, year-over-year, from $7.60 per square foot.

In Medley, a city adjacent to Hialeah Gardens, a prolific real estate investor purchased Prologis Investor at 9401 Northwest 106th Street for $22.6 million in December.

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