Overseas Investors Turn to Industrial
Not only are overseas investors in South Florida undeterred by the current strength of the dollar, they're branching out into decidedly non-sexy (but profitable) property types, such as industrial, Real Miami Commercial Real Estate principal Danny Zelonker tells us. Of the three recent industrial investment sales he's been involved with, one buyer was “a company from Venezuela and one from India, who have been in the market for a while," he says. The third was a New York fund.
One of those recent deals was the sale of 3754-3758 NW 54 St in Miami. The 50k SF building, an industrial warehouse previously owned by TotalBank, sold to a metal company. Danny, along with Gabriel Zelonker, repped the bank. Miami Riviera's Yanai Nassar repped the buyer. "We're presently working with a group from Mexico and one from Israel as well as one from Argentina,” Danny adds.