Foundry Commercial plans to build a speculative industrial development which could be as large as 320,000 sq. ft. on an 18 acre site in Hialeah Gardens in Miami-Dade County.
The site near 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.
“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 Avison Young principal Wayne Schuchtz, one of the brokers co-ordinating the transaction. “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 brokerage said in a news release.
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.