A company managed by Jon Samuel, the developer of Midtown Miami, paid $15.7 million for a warehouse in Coral Springs.
Coral Vutec Properties LLC, managed by Daniel Sinkoff, sold the 105,183-square-foot warehouse at 11711 W. Sample Road to MGX I LLC, managed by Samuel of Miami-based Midtown Group. The buyer was represented by Josh Wade of Delray Beach-based Flagship Retail Advisors, while the seller worked with Les Byron of SVN Commercial Realty.
The price equated to $149 per square foot. The warehouse last traded for $5.25 million in 2009, so it gained in value. One of the largest tenants is Access Fabricators Corp., which is also managed by Sinkoff. The warehouse was built on the 8.9-acre site on the northwest corner of Coral Ridge Drive in 1997. It’s about four blocks east of the Sawgrass Expressway.
There’s been strong demand for industrial space in South Florida this year as e-commerce sales grow.
Samuel is well known as one of the initial developers who transformed an old railyard north of downtown Miami into Midtown Miami, which now has many shops and apartments. He has also made many commercial real estate investments over the years.