GLP pays $16M for Doral warehouse

Posted :
November 7, 2020
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As reported in The Real Deal.

A family that owns an international logistics company sold a Doral warehouse for $16.2 million.

The Rincón family, which owns and operates the Clover Group, sold the 100,000-plus-square-foot building at 1910 Northwest 97th Avenue, according to records.

The buyer shares a Santa Monica address with GLP Capital Partners, an investment firm that specializes in logistics properties. The company is led by Alan Yang and is part of Singaporean global investment manager GLP.

The building was built in 1979. It includes 24-hour security gate and 29-foot ceiling heights, according to an online listing.

The Rincon family bought the building in 1996 for $4.7 million, according to records.

Clover Group was founded in 1964 in Venezuela. The company has offices in the Netherlands, China, Brazil and Panama, according to its website.

In 2019, Blackstone Group bought $18.7 billion of warehouse assets across the U.S., one of the largest industrial real estate deals in history, from GLP.

That year, GLP co-led real estate tech firm VTS’ $90 million Series D funding round.

In April, GLP closed a new fund, GLP China Income Fund I, with a total investment capacity of about $2.1 billion in assets under management, according to a press release.

Other recent industrial deals in Miami-Dade County include a 160,000-square-foot warehouse in Hialeah that sold for $13.1 million and a warehouse near Medley that sold for $7.5 million.