Cofe Properties has expanded its presence 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 acquisition, carried out by a Cofe affiliate led by Eugenio Cosculluela and Mario Fernandez, includes Milam Dairy Commerce Center I and II, located at 6700 Northwest 72nd Avenue and 7205 Northwest 68th Street near Medley.
The combined properties total approximately 100,000 square feet, resulting in a price of $268 per square foot. The sites have seen significant appreciation since their previous sales: Prudence Investments bought the site at 6700 Northwest 72nd Avenue for $800,000 in 1987 and the five-warehouse property at 7205 Northwest 68th Street for $1.1 million in 1997. The buildings were completed in 1988 and 1998.
Raul Pino and Pablo Vignolo of The Hype Real Estate Group represented Cofe Properties in the transaction. Casall Group, along with Tony Ulloa and Marcos Macias from Keyes Company, represented Prudence Investments. Ulloa and Macias also worked with Cofe on lease negotiations involving the properties’ tenants, renegotiating about 12 percent of leases to meet funding requirements.
Cofe Properties was founded in 2002 and is known as an active buyer and seller of commercial properties across South Florida, focusing on office, retail, and industrial assets. Last year, the company sold a mixed-use office and industrial complex near Medley for $38.5 million after acquiring 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 32 retail, office, and industrial properties mainly concentrated in Miami-Dade and Broward counties.
The Medley industrial submarket has seen other recent transactions as well. Workman Real Estate Ventures (WREV) purchased three warehouses at different addresses on Northwest 82nd Avenue and Northwest 78th Street for $22.7 million in August. In May, Simi Capital acquired an approximately 80,000-square-foot facility at 8505 Northwest 74th Street for $31 million.
