International Bank Provides $21 Million Loan For Doral Warehouse Project

Flightway Ten, led by Josue Dimas De Melo Pimenta of Coral Gables-based Blueteck, secured a $20.9 million construction loan for a warehouse/retail project in Doral.

Miami-based Banco do Brasil Americas provided the mortgage to the developer. It covers the five-acre site at 6175 N.W. 102nd Ave.

The developer purchased the property for $3.9 million in 2014.

It was approved for 60,941 square feet of warehouses and 10,689 square feet of retail. That’s a flex product with retail in the front and warehouses in the back, which is a popular setup for small businesses.

According to the third quarter report from Colliers, the vacancy rate for flex/industrial space in Miami Airport was 3.6% and the average asking rent was $25.32 per square foot. There was positive net absorption of 46,017 square feet in the third quarter. By comparison, the average asking rent for distribution warehouse space in Miami Airport West was $19 per square foot.

Source: SFBJ