Foundry Commercial and American Realty Advisors have acquired the Miami Free Zone business park and plans to expand it.
The Orlando-based commercial real estate firm said it acquired the 823,000-square-foot industrial complex at 2305 Northwest 107th Avenue in Doral. The seller was CV Miami LLC, an affiliate of Seattle-based Expeditors International of Washington. The seller was represented by Transwestern Managing Director John Bell.
Foundry Commercial didn’t comment on the price. The transaction has yet to be recorded in county records. However, a source familiar with the deal said the price was $85.5 million.
Built in 1979 in three buildings, the Miami Free Zone last traded for $76.2 million in 2006. Being in a free trade zone allows tenants to sell goods while avoiding duties. That is a valuable designation for manufacturers.
The deal includes about 18 acres of developable land, where Foundry Commercial and American Realty Advisors plan to build another 300,000 square feet of industrial.
“Industrial demand in Miami-Dade is at an all-time high; particularly in the Airport West submarket,” said Ford Gibson, managing director at Foundry Commercial. “Properties like Miami Free Zone are crucial to maintaining the flow of imported/exported items entering the United States from Latin America, and vice-versa, that are transported through the MIA Port and sent on to other locations via the airport. We are excited for the opportunity to leverage this asset to better serve this crucial need in Miami.”
American Realty Advisors Senior Director David Willett said the local industrial market has strong positive net absorption, low vacancy and continued rent growth, making it a good investment for his firm. Los Angeles-based American Realty Advisors has more than $8 billion in assets under management.
Foundry Commercial is also building the Carrie Meek International Business Park in Opa-Locka, which will have the county’s largest Amazon.com warehouse. it has more than 50 million square feet of real estate under management.
Source: SFBJ
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.
