$10.3 Million Purchase is the Largest User Acquisition in Recent Years
Miami, FL – September 8, 2011 – Costex Corporation (“Costex”), a worldwide quality supplier of new replacement parts for the heavy equipment industry, is expanding its business in South Florida. To accommodate their growth, Costex recently purchased the 180,000-square-foot industrial property at 7901–8187 NW 71st Street in Miami for $10.3 million from building owner Seagis Property Group, an industrial investment firm based in West Conshohocken, Pennsylvania.
“This location is ideal for the buyer not only because of its proximity to Costex’s existing facilities but also because the property provides additional vacant land, which was a prerequisite of the search,” said Devin White, Vice President at CBRE who represented Costex in the transaction.
Constructed in 1980, the single-story industrial building is situated on 11.04 acres and located just off the Palmetto Expressway. The building has an additional tenant occupying approximately 55,000 square feet. Costex will occupy the balance to accommodate their growth.
Remarking on the acquisition financing, Attorney Michael A. Gil, Esq., who represented Costex in the transaction, noted the significance of a user obtaining conventional financing in contrast to the typical ‘all-cash’ investor. “Despite a difficult financing environment, we were able to work closely with the bank in order to complete the deal. This deal hopefully represents a turning of the corner for the lending market,” said Gil.
David Albert, Senior Vice President and Ronald Marrero, Associate, both from CBRE, joined White in representing Costex. The seller was represented by Jim Armstrong and Michael Waite of The Easton Group.
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