Foundry Commercial and Oakwood Real Estate Partners will add two new buildings to the Miami Free Zone, which they plan to rename Miami Central Commons.
A Foundry partnership acquired the 823,000-square-foot industrial complex for $85.5 million earlier this year.
Established in 1979, the 47-acre foreign trade zone at 2305 Northwest 107th Avenue was the second of its kind in Florida and the first in Miami-Dade. It’s federally controlled, and exempts producers and manufacturers inside the zone from paying certain duties or other ad valorem taxes. The zones were created during the Great Depression to lower the cost of doing business for U.S.-based companies engaged in international trade.
Foundry and Oakwood plan to build an 162,690-square-foot distribution center and 155,350-square-foot showroom on an adjacent 18-acre lot on the west side of the property, according to Fairchild Partners Commercial Real Estate Services.
“The $61 million project will be self-financed,” said David Blount, a vice president at Foundry,
Brokers Jose Juncadella and Sebastian Juncadella of Fairchild Partners are the leasing agents.
“The existing industrial buildings are about 90 percent leased,” Sebastian Juncadella said. “Asking rents for the new distribution center will start at $9 per square foot, triple net, and $14 per square foot, triple net for the showroom.”
Tenants can lease spaces as small as 1,800 square feet. The first phase, which consists of about 318,000 square feet of new industrial space, is expected to be completed by the second quarter of 2019. Site work is underway. Plans for the second phase are still being determined.
Foundry is also building Amazon’s third distribution center in Miami-Dade County, an 800,000-square-foot warehouse at the Carrie Meek International Business Park in Opa-Locka. The facility would be the e-commerce company’s largest lease-deal in Miami-Dade County.