Cofe Properties has increased its holdings 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, known as Milam Dairy Commerce Center I and II, are located at 6700 Northwest 72nd Avenue and 7205 Northwest 68th Street near Medley.
The acquisition was made by an affiliate of Cofe Properties, which is led by Eugenio Cosculluela and Mario Fernandez. The combined area of the warehouses is about 100,000 square feet, making the purchase price approximately $268 per square foot.
Records show that both sites have seen significant appreciation since their previous sales. Prudence Investments, based in Miami, bought the site at 6700 Northwest 72nd Avenue for $800,000 in 1987 and acquired the five-warehouse property at 7205 Northwest 68th Street for $1.1 million in 1997. The buildings were constructed in 1988 and 1998.
The transaction was brokered by Raul Pino and Pablo Vignolo from The Hype Real Estate Group on behalf of Cofe Properties. Casall Group worked alongside Tony Ulloa and Marcos Macias from Keyes Company to represent Prudence Investments.
Ulloa and Macias also played a role in lease negotiations involving the properties’ tenants. According to a press release: “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.”
Cofe Properties has been active in buying and selling commercial assets across South Florida since its founding in 2002. In recent years, it sold a mixed-use office and industrial complex near Medley for $38.5 million after purchasing it for $7.8 million in 2017. In another major deal from 2021, Cofe paid $42.3 million for a fully leased seven-building industrial site at Sunrise Commerce Park.
Currently, Cofe owns a portfolio of thirty-two retail, office, and industrial properties mainly located within Miami-Dade and Broward counties.
Other recent transactions in Medley’s industrial submarket include Workman Real Estate Ventures’ August purchase of three warehouses totaling $22.7 million at several addresses on Northwest 82nd Avenue, Northwest 82nd Street, and Northwest 78th Street; as well as Simi Capital’s May acquisition of an eighty-thousand-square-foot facility at Northwest 74th Street for $31 million.
