Doral Industrial Portfolio Trades For $86 Million

Midtown Capital Partners has expanded its South Florida industrial holdings with the acquisition of a 14-property warehouse portfolio in Doral for $86 million.

The approximately 300,000-square-foot portfolio consists primarily of small-bay industrial buildings located along Northwest 54th Street, Northwest 56th Street, Northwest 79th Avenue and Northwest 82nd Avenue.

The purchase equates to roughly $296 per square foot.

The properties were sold by 13 entities connected to the Waas family, whose involvement in Doral real estate dates back more than 50 years. Family members developed all but one of the buildings and continued to own and manage the portfolio through Waas Realty.

The warehouses are divided into relatively compact units, many ranging from approximately 600 to 2,500 square feet. These spaces typically accommodate locally based businesses such as contractors, automotive service providers, suppliers and other trade-oriented companies.

Small-bay industrial properties have attracted increased investor attention because they serve a broad tenant base and are difficult to reproduce in established, land-constrained locations. Doral’s proximity to Miami International Airport, major expressways and regional freight routes further adds to the portfolio’s appeal.

Avison Young’s Florida Capital Markets team represented Midtown Capital in the acquisition. Brokers involved in representing the buyer included Michael Fay, David Spillers, Tommy Gil and David Olade. Martin Waas represented the selling entities.

The purchase adds to Midtown Capital’s recent industrial investment activity across Florida, including acquisitions in West Palm Beach, Naples and the Orlando area.

Key Facts

• Buyer: Midtown Capital Partners
• Seller: Waas family-affiliated entities
• Sale price: $86 million
• Portfolio: 14 industrial properties
• Total size: Approximately 300,000 square feet
• Price per square foot: Approximately $296
• Location: Doral, Florida
• Property type: Small-bay, multi-tenant industrial
• Buyer representation: Avison Young Florida Capital Markets
• Seller representation: Martin Waas

Source: SFBJ