Doral Warehouse Sells, More Than Doubles In Value

A warehouse in Doral has changed hands for $16.75 million, more than doubling its value since its last sale in 2021.

The 54,139-square-foot property, located at 3500 N.W. 114th Ave., was sold by CIVF VI – FL2M01 LLC, a subsidiary of Boston-based Cabot Properties. The buyer, Exeter 3500 114th LLC, is affiliated with Radnor, Pennsylvania-based Exeter Property Group. The transaction was confirmed by real estate data provider Vizzda.

The sale price breaks down to approximately $309 per square foot. The property previously sold for $7.93 million in 2021, reflecting the sharp rise in industrial property values across Miami-Dade County amid a surge in demand and rents.

Originally built in 2000 on a 2.11-acre site, the warehouse benefits from its location in one of the region’s most active industrial submarkets.

Despite a slight softening in market fundamentals, the industrial sector remains strong. According to Colliers’ Q1 Report, the industrial vacancy rate in Miami-Dade rose to 6%, up from 3% a year earlier. Meanwhile, average asking rents declined slightly to $16.43 per square foot, down from $17.29.

This marks Exeter’s latest investment in the area, following a $20.6 million acquisition of another Doral property in November.

Source: SFBJ