Paul Silverstein, President of the Florida Commercial Team & Senior Vice President of RE/MAX Advance Realty, recently completed two multi-million dollar warehouse sales in the South Florida area.
Paul Silverstein, President of the Florida Commercial Team & Senior Vice President of RE/MAX Advance Realty, recently completed two multi-million dollar warehouse sales in the South Florida area. The first sale was a 52,000 square foot Medley warehouse located at 12650 NW 107 Avenue. This 2005 Class A warehouse consisted of 9,000 square feet of offices in 2 stories, with 8 street level truck bays.
The selling price was $3,750,000, or $66.96 a square foot.
The second sale was a 25,000 square foot Doral warehouse located at 11475 NW 39. Also built in 2005, it consisted of 5,000 square feet of offices and 20,000 square feet of warehouse with 5 dock height doors and 2 truck wells.
The selling price was $2,600,000.00, or $104.00 a square foot.
According to Mr. Silverstein, both properties received multiple offers. "Quality warehouses are in high demand right now," he explained, "particularly in the Doral and Medley areas."
As evidenced by the Florida Commercial Team's slogan, Real Estate in Motion, the two warehouse properties didn't stay on the books very long. "This is partly due to the lack of new construction of warehouses over the past few years," stated Mr. Silverstein. "and partly because international buyers are purchasing commercial real estate in Miami in record numbers."
He expects this trend to continue through 2013 and beyond. "While new construction has started in some spots, it will take a number of years before enough construction is completed to catch up to the demand," he added. "In the meantime it's a seller's market."
Paul Silverstein has been successfully selling commercial real estate in Florida for over thirty years. He has been the recipient of numerous awards from RE/MAX International including the prestigious Platinum Award, 100% Club Award, the Executive Award, and the coveted Hall of Fame Award, and has been named by the National Association of Realtors as being in the top ½ of 1% of Realtors nationwide.
In 2009-2010 and 2011 he was recognized by RE/MAX International as one of the #5 Top Commercial Associates in the State of Florida by RE/MAX International. Year to date he is the Number 2 Top Commercial Associates in Florida.