SL Capital buys Camilo Office Furniture building for $10M
Family-owned business paid $700k for the property in 1977
October 10, 2016 02:25PMBy Ina Cordle
Camilo Office Furniture showroom and Agustin Duarte
SL Capital has purchased the Camilo Office Furniture building in Miami for $10 million.
The 61,440-square-foot warehouse and showroom at 4400 Southwest 75th Avenue, is on a 107,593-square-foot lot and houses the furniture company’s headquarters. It is near the Bird Road Arts District. The price equates to $163 per square foot for the building.
The seller is Camilo Office Furniture, whose principals are Lopez family members Camilo Lopez, Camilo Lopez III, Luis Lopez, Jose Lopez and Ricardo Lopez. Another family member who declined to provide her name told The Real Deal that the company is looking to relocate in Miami. She declined to comment further.
Property records show the family paid $700,000 for the property in 1977. The building was built in 1963.
Records show the buyer, Palmetto Investors, LLC, is linked to SL Capital, with an address at 2977 McFarlane Road, Suite 304, in Coconut Grove, which finances commercial mortgage backed securities, according to its website. SL Capital could not be reached for comment.
Agustin Duarte, an agent with RE/MAX Advance Realty’s Commercial Division, co-brokered the sale with Jose Serrano and Gabriel Serrano of New Miami Realty, according to a release.
Source: The Real Deal