MIAMI—Foundry Commercial and investment partner American Realty Advisors, acquired Miami Free Zone. The property is an 823,000-square-foot industrial complex in Miami-Dade's Airport West submarket.
“Industrial demand in Miami-Dade is at an all-time high; particularly in the Airport West submarket,” says 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.”
Built in 1979, Miami Free Zone is home to three industrial buildings totaling 823,000 square-feet. The property also includes 18 acres of undeveloped land at the intersection of North West 107th Avenue and North West 25th Street which provides direct access into the Miami International Airport. Foundry plans to immediately develop the 18 acres of undeveloped land.
“This property is an ideal addition to our industrial portfolio,” says David Willett, senior director at American Realty Advisors. “The center's central location in a key logistics market and the future development potential are two factors that we believe will provide our investors with an attractive return. This region has a history of strong positive net absorption, low vacancy, and continued rent growth, which is consistent with ARA's investment strategy to source and acquire in-fill, multi-tenant industrial in well-located supply-constrained markets.”
Miami Free Zone is the second industrial development to come from Foundry Commercial in South Florida. Earlier this year, the firm broke ground on Carrie Meek International Business Park—a 1.1 million square-foot industrial development in Opa-Locka that will house Amazon's 855,000 square-foot sorting facility and will bring at least 1,000 jobs to the area. In addition to the Miami Free Zone and Carrie Meek International Business Park, the commercial real estate firm currently has five other industrial developments under way totaling more than 7.5 million square feet in Florida and the Carolinas.
“The pipeline of new development is flowing with more than 4.1 million square feet under construction, and an additional 14.2 million square feet planned for future development,” Brian Smith, JLL managing director and South Florida Industrial Lead, tells GlobeSt.com—and that's not counting this new Foundry deal. “Considering the delivery of over 3 million square feet of new industrial product in the first half of this year alone, the Miami-Dade market continues to experience robust positive absorption and the delivery of new product is expected to continue over the next six to 12 months.”
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