Located in America’s Gateway Park, not far from Miami International Airport, the warehouse last sold for $4.8 million in 2015, so it more than tripled in value.
Miami-based Banco do Brasil Americas provided the mortgage to Flightway Ten. It covers the five-acre site at 6175 N.W. 102nd Ave. The developer purchased the property for $3.9 million in 2014 and was approved for 60,941 square feet of warehouses and 10,689 square feet of retail.
Fort Lauderdale-based Hernandez Construction recently filed notice with the county that it started construction of two warehouses called Sycamore Logistics Center. The project is located at 9800 N.W. 87th Ave. and 8593 N.W. 96th Street along the river just south of U.S. 27.
Considered one of the most sought-after areas in Miami-Dade County, Doral’s commercial and industrial real estate remains strong due to its proximity to Miami International Airport, The whole city is enjoying about 95% commercial real estate occupancy for the second quarter of the year, with some space asking rates at $55 to $65 per square foot.
Even though the industrial sector in many parts of the country is one of the healthier components of the CRE ecosystem, some fear signs of softening. Developers in Miami-Dade, however, appear to have no such concerns.