Foundry Commercial broke ground on Midpointe Miami Logistics Park in Hialeah Gardens thanks to a $26.32 million construction loan.
Wells Fargo Bank awarded the mortgage to Foundry Gallop Miami I LLC, an affiliate of the Orlando-based developer. It covers the 18-acre site at 14501 N.W. 109th Ave.
Miller Construction Co. recently filed notice with the county that it started construction of warehouses of 164,567 and 147,684 square feet there. They will both have 32-foot clear height.
Foundry acquired the property for a combined $31.1 million in 2019. It’s in an industrial area near the intersection of Florida’s Turnpike and U.S. 27, giving it good highway access.
With the growth of e-commerce, the industrial sector has done relatively well during the Covid-19 pandemic. According to the first quarter report from Colliers International South Florida, there was 3.73 million square feet of industrial under construction in Miami-Dade County, including 1.19 million square feet in the Medley/Hialeah Gardens market. The vacancy rate in Medley/Hialeah Gardens was 5.5%, compared to 4.8% countywide.