Miami-Dade Seeks To Buy Warehouse Property Near Airport For $19 Million

Miami-Dade County is considering purchasing a warehouse property near Miami International Airport as part of its long-term expansion efforts.

The county’s Aviation and Seaport Committee is scheduled to review the proposed $19.175 million purchase of the property at 1800 NW 70th Ave. on March 9. If approved by the committee, the proposal will move to the full County Commission for a vote on April 21.

The 2.18-acre site includes a 68,132-square-foot warehouse built in 1972. The property is located just north of the airport runway and west of the main terminal.

The current owner, Meuchadim of Miami LLC—formerly known as Jacavi Properties—is a Hollywood, Florida-based company managed by Leon Falic, Jerome Falic, and Simon Falic. The company purchased the property in 2005 for $3.755 million and is now seeking to sell it to the county at a significant profit.

“The warehouse would initially serve as storage and staging space for construction tied to Miami International Airport’s expansion and modernization projects,” according to Greg Chin, communications director for Miami-Dade Aviation. “After those projects are completed, tenants at the site could generate revenue for the airport.”

Under the proposed agreement, the county would lease the property back to the seller for up to one year at a rate of $15 per square foot before taking full occupancy. To determine the purchase price, the county commissioned appraisals from Waronker & Rosen and Walter Duke & Partners, both of which valued the property within the proposed price range.

Miami-Dade County has been acquiring land around Miami International Airport for several years in preparation for large-scale expansion. The airport is currently pursuing a $9 billion modernization plan, which includes new retail and dining options, expanded cargo processing facilities, and the expansion of Concourse D for American Airlines.

Source; SFBJ