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Announcement

Is Avra going after Hialeah and the 7 Seas?

By
Cashflow In Miami
on
June 15, 2022

4700 and 4800 N.W. 37th Ave.Hialeah

5940 Biscayne blvd, Miami
A firm led by Avra Jain of Miami-based Vagabond Group has acquired a Hialeah warehouse that’s slated for repurposing for $10.5 million.

The 159,471-square-foot warehouse on 6.3 acres at 4700 and 4800 N.W. 37th Ave. was sold by 4700 NW 37th Investments LLC, managed by Michael Simkins and David Martin of Miami-based Terra, to Factory Town Holdings, managed by Jain in Miami.

The property, developed in 1932, last traded for $7.5 million in 2018, so it gained in value. The warehouse was previously a mattress manufacturing plant.

Terra previously worked with Jain to rezone the property for transit-oriented development, since it’s a half-mile from the Hialeah Market Tri-Rail Station. The idea at the time was to provide entertainment and commercial uses. Hialeah approved the new zoning.

The Factory Town project in Hialeah is listed on Vagabond Group’s website as an adaptive reuse project to convert the warehouse into creative office, retail, entertainment, food and beverage pop-ups, and art event uses.

Current projects include the renovation of the Seven Seas Motel, also built in the 1950s-era Miami Modern style, and the transformation of a former mattress factory in Hialeah into entertainment venue Factory Town.

...

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