Cofe Properties has expanded its presence in Miami-Dade County with the purchase of two warehouse complexes for $26.8 million. The acquisition, made 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 cover about 100,000 square feet, resulting in a price of $268 per square foot. The seller, Prudence Investments of Miami, originally bought the sites for significantly less: $800,000 in 1987 for one site and $1.1 million in 1997 for the other. The buildings were completed in 1988 and 1998.
Raul Pino and Pablo Vignolo from The Hype Real Estate Group represented Cofe Properties during the transaction. Casall Group, along with Tony Ulloa and Marcos Macias from Keyes Company, represented Prudence Investments. Ulloa and Macias also assisted Cofe with lease negotiations involving the properties’ tenants. According to a press release: “Ulloa and Macias also assisted Cofe with lease negotiations involving the properties’ 87 tenants, renegotiating 12 percent of leases to satisfy the buyer’s funding requirements.”
Cofe Properties was founded in 2002 and is active in acquiring office, retail, and industrial assets across South Florida. In recent years it has both bought and sold significant commercial properties; last year it sold a mixed-use complex near Medley for $38.5 million after purchasing it for $7.8 million in 2017. In another notable deal from 2021, Cofe acquired a fully-leased seven-building industrial site at Sunrise Commerce Park for $42.3 million.
According to its website, Cofe currently owns a portfolio of 32 retail, office, and industrial properties mainly concentrated in Miami-Dade and Broward counties.
Other recent transactions in the Medley area include Workman Real Estate Ventures (WREV) purchasing three warehouses on Northwest 82nd Avenue, Northwest 82nd Street, and Northwest 78th Street for $22.7 million this August; Simi Capital also bought an industrial facility on Northwest 74th Street for $31 million earlier this year.
