Auto auctioneer to expand in South Florida, buying 117 acres in Homestead for $34.75M
An auto auctioneer looking to expand in South Florida has bought 117 acres in Homestead for $34.75 million.
The Dallas-based company Copart USA bought SouthEnd Industrial at Southeast 36th Avenue and 336th Street, in the Homestead Park of Commerce, according to a news release. The company auctions salvaged and used cars. The company will process and store cars in Homestead.
The site has a 32,950-square-foot warehouse, but can accommodate up to nine other warehouses ranging from 31,860 square feet to 82,460 square feet, according to a brochure.
It is among the largest industrial land sales in Miami-Dade County in the past few years.
Brian Smith, Audley Bosch and Matt Maciag, all with the commercial real estate brokerage and property investment strategies Chicago-based firm JLL, represented the seller, Sure Equity Group. Edward Redlich, head of the Doral-based industrial brokerage firm ComReal, represented the buyer.
JLL listed the property 18 months ago, Smith said in a news release. “After casting a wide net and simultaneously targeting prospective tenants, we fortunately secured an owner/occupier who needed the entire site.”
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The industrial market is growing in Homestead. The Acosta family is developing the 166,000-square-foot South Dade Logistics Center at 23400 SW 132nd Ave. It is expected to be completed by early 2022.
Buyers and investors continue to buy industrial real estate in South Florida, including the Turkish cosmetic company Farmasi and CanAm Enterprises. Industrial developers anticipated headwinds early on in the pandemic, but anticipated population growth and e-commerce are fueling demand.
