Cofe Properties expanded its Miami-Dade industrial portfolio, purchasing two warehouse complexes in northwest Miami-Dade County for $26.8 million.
An affiliate of Miami-based Cofe, led by Eugenio Cosculluela and Mario Fernandez, acquired Milam Dairy Commerce Center I and II at 6700 Northwest 72nd Avenue and 7205 Northwest 68th Street near Medley, according to the brokers who handled the transaction.
The complexes span roughly 100,000 square feet, so Cofe paid $268 a square foot.
The two properties appreciated significantly since both sites were previously sold in the 1980s and 1990s. The seller, Miami-based Prudence Investments, paid $800,000 for the site of the two-building complex at 6700 Northwest 72nd Avenue in 1987, and $1.1 million in 1997 for the five-warehouse property at 7205 Northwest 68th Street, records show. The buildings were completed in 1988 and 1998.
Raul Pino and Pablo Vignolo of The Hype Real Estate Group represented Cofe Properties. Casall Group, and Tony Ulloa and Marcos Macias with Keyes Company represented Prudence Investments.
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, a press release states.
Founded in 2002, Cofe is among South Florida’s most active buyers and sellers of commercial properties, focusing on office, retail and industrial assets. Last year, Cofe sold a mixed-use office and industrial complex near Medley for $38.5 million after acquiring it for $7.8 million in 2017.
In 2021, Cofe paid $42.3 million for a fully-leased seven-building industrial site in Sunrise Commerce Park. The company currently owns 32 retail, office and industrial properties concentrated in Miami-Dade and Broward counties, Cofe’s website states.
In other recent deals in the Medley industrial submarket, Workman Real Estate Ventures, or WREV, paid $22.7 million in August for three warehouses at 6405 Northwest 82nd Avenue, 7500 Northwest 82nd Street and 7361 Northwest 78th Street.
In May, Simi Capital, based in New York and Bay Harbor Islands, acquired an 80,000-square-foot facility at 8505 Northwest 74th Street for $31 million.
