Foundry Commercial Acquires Miami Industrial Development Site
The Midpoint Miami Logistics Park development can be a built-to-suit facility for a large single-tenant user or a two-building industrial park for medium to large users.
MIAMI—Foundry Commercial has acquired an 18-acre site here where it plans to develop a speculative industrial project of up to 320,000 square feet.
The deal, brokered by Avison Young, involves one of the few remaining land parcels in Miami-Dade County attractive to institutional developers, the brokerage firm states. The site sits off of NW 107th Avenue between NW 144th Street and NW 146th Street in Hialeah Gardens, near 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.
No financial details of the transactions were released. The Midpoint Miami Logistics Park development by Orlando-based Foundry Commercial 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.
Avison Young principal Wayne Schuchts, VP David Spillers, and Bobby Benton, brokerage services, facilitated the transaction and have been hired to lease the project.
“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,” says 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, according to Avison Young.
“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,” Benton notes.
Earlier this month, Foundry Commercial announced the appointment of Brian Howell to SVP of office leasing. Howell will lead the office leasing team for Foundry in the greater Atlanta area.
Having most recently served as vice president at Stream Realty Partners in Atlanta, Howell brings an extensive background in both industrial and office leasing, totaling more than 150 leasing deals in the last two years. Notable office leasing deals Howell has recently closed in the area include a 51,000-square-foot lease for Macy’s, a 36,000-square-foot lease for Avyve and a 25,000-square foot lease for DHL, among others.