Miami, FL (March 3, 2020) – Moecker Brokers has completed the court-ordered sale of a site containing a 3,200-square-foot industrial warehouse. The court-approved purchase price for the property was $1.35 million, submitted by an affiliate of Hatecke Service USA, LLC.
Additionally, Moecker Brokers negotiated the sale of a portion of the adjacent lot not associated with the court proceeding. The total sales price of both lots totaled more than $1.4 million in a transaction completed Feb. 6.
The property sits off the Miami River on the Tamiami Canal with about 100 feet of water frontage, zoned IU-1: Industrial, Light Manufacturing District. The warehouse was built in 1953. The property has an existing tenant, but the buyer plans to make updates and headquarter its offices there.
The Miami-Dade County Department of Transportation and Public Works is proposing substantial improvements to this area. Included is a widening and development of NW South River Drive, the roadway that provides access to the warehouse property on NW 20th Street. The proposal calls for two lanes in each direction with a turn lane, bike path and rebuilt bridge.
James D. Nall Co., Inc., the former property owner, filed for an Assignment for the Benefit of Creditors. Philip J. von Kahle, president of Michael Moecker & Associates, was appointed assignee. Michael Moecker & Associates is one of the largest insolvency professional firms in Florida.
Assignments under Florida statute are a flexible alternative to bankruptcy liquidations of companies.
Will Reynoso, MBA, broker with Moecker Brokers, said that the property’s location generated significant interest. “Because there is so little space for marine-related commercial businesses with easy access to the Miami River, interest in the property was overwhelming,” said Reynoso, who hammered out the transaction. “We priced it strategically to further increase interest, which created an auction-type scenario.”
Parties submitted offers, with two buyers driving up the price by $200,000 just seconds before the hearing.
Providing counsel for the assignee were Brett D. Lieberman and Vivian Bauza of Edelboim Lieberman Revah Oshinsky, PLLC. They coordinated the auction procedure and sought approval of the sale from Miami-Dade County Circuit Court Judge William Thomas. David Oxios with NAI Miami represented the seller.
About Moecker Brokers
Moecker Brokers offers commercial real estate and business brokerage services—from wide area and high-impact/high-promotion marketing to rapid asset resolution and 60-day countdown asset sales. Additionally, the Complex Business and Real Estate Division specializes in distressed and insolvency matters, turnaround management, and court ordered sales of businesses and are recognized as the firm of choice for court-ordered liquidations and sale of real estate assets in the Florida market. For more information, visit Moecker Brokers.
Will Reynoso, MBA, Broker, Moecker Brokers
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