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Duke Realty Drops $180M At Hialeah Industrial Park

Hialeah’s industrial market just got hotter.

Duke Realty just dropped $180 million at Flagler Global Logistics’ 8 million-square-foot industrial park on the northwest corner of Northwest 154th Street and and Northwest 97th Avenue.

Countyline Corporate Park

Countyline Corporate Park is being developed by Flagler Global Logistics, a subsidiary of Florida East Coast Industries. Flagler assembled the 95-acre site in 2005 for a combined $38.3 million. It’s near the border of Miami-Dade and Broward counties.

The first phase totals about nine buildings, including one under construction. Property records show Duke Realty bought the first three buildings as part of the first phase. It’s also under contract to buy a fourth building totaling 208,000 square feet, records show. In all, Duke Realty will purchase buildings totaling 1.2 million square feet.

The largest warehouse spans about 500,000 square feet. It is the future site of aircraft services company KLX Aerospace Solutions’ new headquarters. Other tenants include CGI Windows, which inked a roughly 325,000-square-foot lease at the park.

Duke Realty, a major owner and developer of industrial properties in the United States, has been active in South Florida. In 2014, the company sold a 465,600-square-foot business park in Plantation for $128 million. Last year, it paid $55 million for a 17.5-acre industrial project in Fort Lauderdale and invested nearly $80 million in three new warehouses in Hialeah Gardens.

Hialeah is among the top industrial submarkets in Miami-Dade. Commercial sales activity totaled $217.1 million in 2017, up from $83.6 million in 2016. Codina Partners, led by developer Armando Codina, is also building a 1.5 million-square-foot industrial park in Hialeah called Beacon Logistics Park.

ASB Real Estate Investments also recently bought a warehouse in Hialeah for $24.3 million.

 

Source: The Real Deal