The Class-A industrial complex will feature two LEED-certified buildings totaling 326,448 square feet. The project will be developed on a speculative basis, with vertical construction slated to begin later this year and delivery expected in the third quarter of 2025.
The warehouse located at Prologis (PLD) Beacon Industrial Park is about 10 miles west of Miami International Airport and spans 115,200 square feet.
Doral Marketplace is an anomaly of sorts, as few developers are starting strictly retail projects with restaurants and service providers in South Florida. The development site is next to Chicago-based Bridge Industrial’s 2.6 million-square-foot Bridge Point project that’s under construction.
The flood of warehouse space in Miami has been met by steady demand for new facilities fueled by positive demographic growth and robust port activity, long-term trends that bode well for future growth.
Located in America’s Gateway Park, not far from Miami International Airport, the warehouse last sold for $4.8 million in 2015, so it more than tripled in value.