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Developer Breaks Ground On Hialeah Gardens Warehouses

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.

Foundry Commercial is building the Midpointe Miami Logistics Park in Hialeah Gardens.
(CREDIT: FOUNDRY COMMERCIAL)

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.

 

Source:  SFBJ

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