Amid a surge in industrial development in northern Miami-Dade County, East Capital Partners broke ground on a spec warehouse at 16300 N.W. 97th Ave in Hialeah. The developer acquired the mostly vacant property for $12.95 million in 2022 after filing for rezoning earlier that year.
The 85,138-square-foot industrial complex with eight narrow buildings near Medley sold for $17.5 million. The property last traded for $2.97 million in 2009.
When it comes to the Doral’s commercial market, it has certainly experienced significant growth and development over the past several years. The main driver for that has been the access to highways to Miami International Airport, as well as access to Port of Miami making it an ideal hub when it comes to business.
The estimated $168 million project includes an amphitheater, a community center – double the size of any other in Doral and a water park. The project was partially funded through a $150 million city bond issue passed 2018. It didn’t break ground though until three years later in 2021.
For Carnival, the sale is a chance to unlock a potential windfall from decades of real estate growth in Doral, where property values have soared alongside the area’s condo boom.