Ironwood Commerce Center, a self-contained industrial park in Miami totaling 505,436 square feet of warehouse space, was sold for an undisclosed amount. Top industrial facilities like this one continue to trade, proving that the Miami metro area is the best-performing industrial market in the country.
San Francisco-based Prologis filed an administrative modification application with county officials for the 18.5-acre site at 9700 N.W. 112th Ave., in the Flagler Station business park near Doral.
The major container ports in the U.S. are expected to see a continued surge in imports with a strike at East and Gulf Coast ports possible in January, and President-elect Donald Trump planning to increase tariffs.
The property just east of MIA is intended to be utilized by the Aviation Department for any compatible land use. The seller has already provided the four tenants at the property — including a luxury car rental business — with a notice of termination of their leases and will reportedly pay for the demolition of existing buildings within six months of purchase.
According to a new report from global investment management firm Colliers, big-box industrial product attracted the lion’s share of the record demand in response to the pandemic, and is largely what developers have been building during the ongoing cycle.