Developer Buys 823,000-SF Industrial Complex in Doral with Expansion Potential as Land Scarcity Spurs Demand for Infill Locations
Developer Buys 823,000-SF Industrial Complex in Doral with Expansion Potential as Land Scarcity Spurs Demand for Infill Locations
The developer of Amazon’s massive warehouse in Miami-Dade County has acquired another large industrial project nearby.
Orlando-based Foundry Commercial, along with partner American Realty Advisors, bought Miami Free Zone, a two-building warehouse-distribution complex totaling 823,000 square feet on 47 acres in Doral, FL. The buyers declined to reveal the price. The transaction, which closed Friday, has not yet been publicly recorded by the county.
The seller, a company tied to Seattle-based Expeditors International of Washington Inc., acquired the property for $76.1 million in 2006, public records show.
The acquisition includes 18 acres that the buyers plan to develop. They also may reposition the existing complex, although plans are still being discussed.
The park, built in 1979 in the Miami Airport West submarket, offers direct access to Miami International Airport.
“There’s a scarcity of land — and if you’ve been down here, you know,” Foundry Managing Director Ford Gibson told CoStar News. “We won’t be able to supply the new demand without doing what we’re doing, which is looking at infill sites.”
David Willett of Los Angeles-based American Realty said the property is a perfect fit for the firm’s industrial portfolio.
“This region has a history of strong positive net absorption, low vacancy and continued rent growth, which is consistent with ARA’s investment strategy,” he said.
Earlier this year, Foundry broke ground on Carrie Meek International Business Park, a 1.1 million-square-foot industrial complex in Opa-Locka, FL. That will be the site of Amazon’s 855,000 square-foot facility that officials have said will bring 1,000 jobs to the area.
Foundry also has five other industrial developments totaling more than 7.5 million square feet in the pipeline across Florida and the Carolinas.
Refer to CoStar Comp #4087189 for more information on this transaction
