Panattoni Development Co. plans to demolish the existing structure and build two industrial buildings totaling 153,654 square feet, along with 171 parking spaces. The proposed buildings will each cover 76,827 square feet and feature a 36-foot clear height.
The 82,261-square-foot coolered facility, situated on a 3.34-acre lot east of Milam Dairy Road, was acquired by Iconic Equities, LLC, a Miami-based real estate investment firm specializing in Industrial Outdoor Storage (IOS) and industrial development.
Building on the success of Downtown Doral’s shops and restaurants, the community is adding 25,000 square feet of retail offerings along 87th avenue and 929 parking spaces in the garages serving the retail. The wing UHealth is leasing is part of this retail expansion, which is scheduled to break ground in Q1 2025, with an estimated completion in Q1 2026.
Absorption turning negative doesn’t tell the whole story. The underlying Miami-Dade industrial market fundamentals remain strong, with Class A industrial properties seeing peak vacancy rates due to recent completions.
The development will feature five condo towers, each 20 stories tall and will include 1,498 residential units as well as 141,694 square feet of commercial space.