A 28-acre tract in western Miami-Dade just sold for $12.2 million to an industrial developer.
The vacant plot, located just west of the Dolphin Mall, will be transformed into a distribution center with warehouses by its new owner DCT Industrial. The company will then lease the buildings.
Frank Lago, a broker with Keller Williams Commercial, represented both parties.
Lago told TRD that the property was known as the “hole in the donut” because it was encircled by the county’s urban development boundary, which prevents urban growth from encroaching on the Everglades.
Though the areas around the property had gradually been zoned and built out, the land had been excluded from the boundary, leaving it vacant.
Lago said it was finally incorporated in 2013 after the county realized it needed more industrial space, and DCT has already rezoned the land in preparation of its new project.
“A lot of industrial companies see South Florida as a hub,” Lago said.