Dealmakers:Joel Rodriguez and Lee Katsikos
The Deal: The pair negotiated the $8.75 million sale of a freezer facility in northwestern Miami-Dade County. They represented the seller, Nunez Group International LLC. Miami Business Park LLC in Downey, California, acquired the property May 29.
Details: Rodriguez worked on this deal since Nunez bought the 363,000-square-foot warehouse for $3.6 million in May 2010, which Rodriguez also brokered.
“I have been working this deal for three years,” he said. “I wanted them out in two years, but it took three.”
Initially, Nunez wanted to sell 143,000- and 20,000-square-foot portions of the vacant space and keep the rest for its meat distribution operation. But as the market for freezer space strengthened, its strategy switched to selling the entire property, Rodriguez said. But the change in strategy wasn’t easy, including changing Nunez president Elpdio Nunez’s mind. He runs his business from there and wanted to keep some of the building.
Katsikos brought in an offer from a real estate industrial trust looking to buy 200,000 square feet, including the area occupied by Nunez, and 80,000 square feet that Rodriguez and Katsikos recently helped lease to Miami Frozen Foods.
But the $11 million offer fell through when Nunez declined to sign a 10-year lease.
“When he got that offer he said, ‘Oh, I can sell this for that? Try getting me $10 million without me having to sign a long-term contract,’ ” Rodriguez said. “We had a lot of suitors, but everybody wanted a long-term deal.”
At that point, Nunez began focusing on selling the 143,000-square-foot segment. But every time somebody made an offer, the deal fell through for different reasons, Rodriguez said. “That’s when he said, ‘Let’s see if we can sell the whole thing.’ ”
In October, Rodriguez brokered the $580,000 sale of the 20,000 square feet to Miami-based Novo’s Properties LLC.Last month, Nunez sold the remaining 343,000 square feet and signed a short-term lease to occupy 56,000 square feet.
Rodriguez and Katsikos hired Holland & Knight partner Barbara Ferrer and Bilzin Sumberg Baena Price & Axelrod partner Vicky Garcia-Toledo to get a shared-wall agreement in place and have the covenant approved by Miami-Dade County.
“We had to get the buyer comfortable with the fact he had to share a wall because we didn’t condomize the property,” Rodriguez said.
Background:Rodriguez is president of Miami-based Global Investments Realty Inc. Katsikos is a principal with the Katsikos Group Inc. in Miami.
Broker Matthew Rotolante with Sperry Van Ness Miami and Bill Gross with Sperry Van Ness Tampa represented Miami Business Park, affiliated with Holdings SPE Manager LLC.