Miami investor closes Allapattah assembly with $ 5m deal
Roland DiGasbarro completed his assembly in Miami’s Allapattah produce district, purchasing a warehouse for $ 5 million.
DiGasbarro purchased the building at 1221 Northwest 22nd Street, rounding off its industrial properties between Northwest 13th and 12th avenues along 22nd Street, according to Carlos Fausto Miranda of Fausto Commercial, who negotiated all the transactions.
Domingo Rodriguez was the seller for the most recent purchase.
DiGasbarro, who was an early investor in Miami’s Wynwood and Overtown, bought the buildings at 1265 and 1255 Northwest 22nd Street for $ 3 million in 2016. Last year he bought the building at 1201 Northwest 22nd Street for $ 1.45 million, according to Miranda.
The buildings, which were constructed in the 1960s and 1980s, total 21,000 square feet on 1.6 acres, according to property records. Real estate previously traded for $ 4.2 million, with one building sold in 1982 and the rest in 2007 and 2016.
Assembly is at the heart of the Product District, a major center for the distribution, repackaging, shipping and wholesale of products.
DiGasbarro’s assembly is fully leased to tenants in the industry, including Domingo Produce and Montero Produce, according to Miranda. Domingo Produce is owned by Domingo Rodriguez, who sold the property at 1265 Northwest 22nd Street to DiGasbarro and leases it entirely.
The Allapattah Product District is undergoing major redevelopment and gentrification, with Robert Wennett’s Miami Produce Center in the lead. The 1.4 million square foot mixed-use residential project will rise on 22nd Street from DiGasbarro’s holdings.
Wennett’s project design includes buildings rising on columns above existing warehouses used by tenants in product distribution. Wennett bought the property in 2016 for $ 16 million.
DiGasbarro also has investments in Sunrise, where he is co-developing a community of single family homes on the closed Sunrise Golf & Country Club.