Foundry Commercial, the multi-market commercial real estate firm with offices across the Southeast and Texas, recently closed on the purchase of the Midpoint Miami Logistics Park, an 18-acre site in Hialeah Gardens approximately 10 miles north of the Miami International Airport.
The sale marks the 11th industrial development for the full-service real estate firm, which now boasts more than 8.5 million square feet of industrial development projects completed or underway. In July, Foundry Commercial topped the South Florida Business Journal’s list of leading commercial real estate developers in the region.
Located on NW 107th Avenue between 144th and 146th streets, this acquisition paves the way for a speculative industrial development of up to 320,000 square feet. With proximity to Florida’s Turnpike, U.S. Route 27, and Interstate 75, the Midpoint Miami Logistics Park is ideally situated for local and last-mile delivery.
“It is becoming more and more difficult to find large land sites where we are able to develop anything of scale. In this case we were able to assemble two sites allowing us to develop a modern Class A shared truck court facility in the ever-growing NW Miami Dade industrial submarket. It took true team effort to close this transaction and we look forward to a successful execution.” said David Blount, Vice President, Foundry Commercial.
The Hialeah Gardens area is experiencing both condensed vacancy rates and positive absorption, indicative of strong – and growing – demand in the region. Foundry estimates that groundbreaking at the site will occur in early 2020 with scheduled completion by the end of the year.
Avison Young represented both Foundry Commercial in the sale of the property. Their commercial real estate services firm has also been tapped to lease the project.
Source: Foundry Commercial