Considered one of the most sought-after areas in Miami-Dade County, Doral’s commercial and industrial real estate remains strong due to its proximity to Miami International Airport, The whole city is enjoying about 95% commercial real estate occupancy for the second quarter of the year, with some space asking rates at $55 to $65 per square foot.
Blackstone sold the Medley warehouse to Prologis for as part of a larger portfolio deal. Built on an 8.8-acre site in 2013, this is the first time the Pan American North Business Park has sold.
The developer behind the MIA Transport Hub application with the county seeks a comprehensive development master plan (CDMP) amendment changing the zoning from “open land” to “terminal” for the property on the north side of Southwest Eighth Street, just west of Southwest 137th Avenue.
The New York-based investment giant sold the 115,741-square-foot industrial building at 13801 Northwest 112th Avenue to Boxer US, a Miami-based entity incorporated in May. The deal breaks down to $374 per square foot.
This additional land for in Medley will be utilized for the fifth phase of First Park Miami.