Nashville-Based Firm Will Replace Two Buildings With Pair Of Warehouses Near Doral

Hamilton Development is moving forward with plans to redevelop two distressed office buildings into industrial warehouses in northwest Miami-Dade County—signaling continued weakness in the suburban office market.

A Nashville-based affiliate of Hamilton, led by Whitfield Hamilton, acquired a 126,224-square-foot office building at 9725 Northwest 117th Avenue in the Flagler Station business park near Doral through a deed-in-lieu of foreclosure. The seller, Salt Lake City-based Bridge Investment Group, had acquired the building as part of a three-property portfolio in 2018. JLL’s Matthew McCormack brokered the latest transaction.

Earlier in May, Hamilton also acquired two adjacent buildings from Bridge Investment through similar foreclosure-related deals: a 124,227-square-foot building at 10451 Northwest 117th Avenue for $21.1 million and a 156,928-square-foot property at 9675 Northwest 117th Avenue for $20.8 million. Bridge originally paid $85.8 million for the three buildings, financing the purchase with a $64.6 million loan from a Wells Fargo affiliate. Foreclosure proceedings were initiated by Wells Fargo this past May, alleging a $59.2 million loan default.

Hamilton has assumed the mortgage and plans to demolish the buildings at 9725 and 10451 Northwest 117th Avenue. In their place, the firm will construct two new industrial facilities totaling over 300,000 square feet, according to a company press release. The remaining building at 9675 Northwest 117th Avenue will be retained and incorporated into the broader project, now branded as Flagler Logistics Center. Construction is scheduled to begin next year, with completion expected in 2027.

Separately, Hamilton is also planning a similar office-to-industrial conversion in Kendall, a suburban area in southwest Miami-Dade. In August, the firm purchased an office building at 14100 Southwest 136th Street from Baptist Health South Florida for $12.3 million, with plans to redevelop the site into a 113,900-square-foot warehouse complex.

Source: The Real Deal