As demand outpaces supply in South Florida’s industrial market, GLP Capital Partners scored a $64.2 million construction loan for a new logistics park in Doral, The Real Deal has learned.
The Santa Monica, California-based industrial real estate firm is building Modlo Air Logistics Center on the former site of PepsiCo’s regional headquarters and bottling plant at 7777 Northwest 41st Street. The project will be a three-building, Class A industrial logistics park totaling 495,073 square feet.
A food company tied to Venezuelan Mauro Libi, who owns a food empire, bought a warehouse in Miami International Park for $7.8 million.
Records show Eleo Group, managed by Libi, bought a 47,668-square-foot warehouse at 7300 Northwest 35th Terrace from Medley-based window blinds and shades manufacturer Vertilux.
A former Miami golf course turned into an industrial park. A Hollywood warehouse chopped up into six smaller offerings. And a bidding war over industrial space in East Hialeah.
Commercial brokers recount these tales in South Florida, a market with high demand for warehouses but not enough industrial-zoned land for new development. Industrial experts must turn to creative problem solving, as a reluctance to visit brick-and-mortar stores has led to a boom in online shopping and a burgeoning need to store appliances, food and other goods. Continue reading