German Leiva and his wife have controlled the property since the late 1970s. They will continue to manage the existing complex and work with Codina to oversee its expansion.
Targeting telecom switching centers and other tech businesses, the project will incorporate the trade zone's existing 750,000 sf of warehouse, showroom and office, while adding 200,000 sf of new facilities.
The Miami asset has been one of 13 trade zones in Florida and the only privately-held property with federal permission to receive exports duty-free for assembly and reshipping.
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