October 17, 2019 — Avison Young coordinated one of Miami’s largest industrial property and land sales to date in 2019. The transaction comprised of a unique 123-acre opportunity which included ±50 acres of vacant land upon which Bridge Development Partners will build approximately 1 million square feet of speculative industrial product. The property is in the master-planned AVE Aviation & Commerce Center near NW 144th Street and NW 57th Avenue in Miami-Dade County’s Hialeah submarket on the west side of Opa-Locka Airport. AVE, LLC, was the seller.
Bridge Development Partners’ new industrial construction will consist of four buildings ranging from 109,000 to 500,000 square feet (pending build-to-suit opportunities). Groundbreaking will be in first-quarter 2020 with completion slated for first-quarter 2021. Avison Young Principal Wayne Schuchts, Principal Tom Viscount, and Bobby Benton, Brokerage Services, have been tapped to lease the project exclusively.
“The deal was the result of our long history with AVE and its developer, Ernesto Cambo, principal of CPF Investment Group, and strong relationship with Bridge Development Partners,” said Schuchts, who was one of the original leasing agents for AVE. “We brought the unique off-market opportunity to Bridge’s Steve Poulos and Kevin Carroll. Despite working through the various challenges of the sale, both parties were an absolute pleasure to work with and ultimately completed the win-win transaction.”
Conveniently located in north-central Miami-Dade County, the property is surrounded by Florida’s major expressways connecting it to the furthest parts of South Florida’s tri-county region in under an hour and a half. The Palmetto Expressway to the north and the Gratigny Parkway to the south serve as direct connections to the Turnpike, Interstate 95, and Interstate 75. The site is also less than 20 minutes from both Miami International Airport and Fort Lauderdale-Hollywood International Airport.
“Healthy economic growth, bustling port activity, and positive demand continue to drive industrial investment and development activity in Miami’s land-constrained market,” said Benton. “As vacancy remains in the low single digits across submarkets, Bridge’s new speculative industrial construction comes at an ideal time. We anticipate strong interest from a variety of large industrial users from logistics to e-commerce who will benefit from the location and build-to-suit options.”
According to Avison Young research, Hialeah’s 1.4-million-square-foot bulk distribution inventory has maintained 100% occupancy throughout 2019. Warehouse / standard distribution accounts for 61% of Hialeah’s total 20.4-million-square-foot industrial submarket and posted 96% occupancy at the end of third-quarter 2019. Bridge Development Partners’ project will attract tenants seeking bulk distribution as well as warehouse / standard distribution space in the area.