Hernandez Development And Scannell Properties Acquire Industrial Site In Cutler Bay For $11M

The transaction involved the sale of a vacant industrial site, located at Southwest 106th Avenue in Cutler Bay. The asset encompasses 42,000 square feet and was sold for $11,000,000, translating to a price per square foot of $262.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $11,000,000
• Address: Southwest 106th Avenue
• Market: Cutler Bay
• Buyer: Hernandez Development - Scannell Properties
• Seller: Ugo Colombo
• Buyer's Representative: Moushumi Chinni Ganguli - CityLights RE, Inc
• Square Footage: 42,000
• Price per Square Foot: $262

Moushumi Chinni Ganguli, representing CityLights RE, Inc, played a crucial role in facilitating the purchase on behalf of commercial real estate developer Scannell Properties in collaboration with Hernandez Development. The intended development includes a 42,152-square-foot electric vehicle collision repair megafacility, featuring over 165 parking spaces. This facility is noted as the first of its kind in South Florida, and it was acquired from the CMC Group, which is headed by Ugo Colombo.