Avison Young represented Foundry Commercial in the acquisition of an 18-acre site in Miami for a speculative industrial development of up to approximately 320,000 square feet.
Avison Young Principal Wayne Schuchts, Vice President David Spillers, and Bobby Benton, Brokerage Services, facilitated the transaction and have been tapped to lease the project.
One of the few remaining land parcels in Miami-Dade County with attributes of interest to institutional developers, the site sits off of NW 107th Avenue between NW 144th Street and NW 146th Street in Hialeah Gardens, proximate to Florida’s Turnpike Extension, U.S. Route 27, and Interstate 75. Avison Young identified and brought the off-market opportunity to Foundry Commercial, then negotiated the sale with two different sellers.
“The deal was very challenging due to working through separate contracts with each seller, but we ensured a successful transaction which resulted in our clients obtaining a rare opportunity,” said Schuchts. “With easy access to all of Florida’s major thoroughfares, the site is ideal for a state-of-the-art, class A industrial development that will meet the needs of a broad range of users including e-commerce and third-party logistics companies.”
Hialeah Gardens is in the Medley industrial submarket, Miami-Dade’s third-largest submarket in terms of inventory following Airport West and Northeast Dade. At the end of third-quarter 2019, of the three largest submarkets, Medley reported the second-lowest vacancy rate at 3.14% as well as positive absorption reflecting strong demand.
“The rise of e-commerce along with the steady industrial user demand continues to draw the attention of institutional capital; however, finding investment and development opportunities in a tight and land-constrained market proves difficult,” said Benton. “Securing such a unique find for our clients in today’s market was rewarding. Foundry is a pleasure to work with, and we look forward to leasing the project.”
The development has the potential to be a built-to-suit facility for a large single-tenant user or a two-building industrial park for medium to large users. Groundbreaking will be in early 2020 with completion scheduled for year-end.