Foundry Commercial purchased an 18-acre site in Hialeah Gardens, where it plans to build a 320,000 square foot speculative industrial development.
The site sits off of Northwest 107th Avenue between Northwest 144th Street and Northwest 146th Street, according to a release. The two properties were sold for a combined $13.1 million by two sellers, according to a source. Property records show the sellers are a company tied to Rodolfo Alvarez, as well as Jeanette Halperin and Melvin Deutsch.
The development could be used for a large single-tenant user or a two-building industrial park for medium to large users, according to the release. Groundbreaking will be in early 2020 with completion planned for year-end.
Avison Young’s Wayne Schuchts, David Spillers, and Bobby Benton represented Foundry Commercial in the deal and have been tapped to lease the project.
The project sits in the Medley industrial submarket, which had a 3.14 percent vacancy rate in Miami-Dade County at the end of the third quarter, according to Avison Young.
Orlando-based Foundry Commercial is a full-service real estate company that manages and leases more than 50 million square feet of space across the Southeast and Texas.
Last year, Foundry Commercial bought out its partner in an office complex in Sunrise with American Realty Advisors for $57.4 million, property records show.
Foundry and American Realty Advisors also partnered to buy the 823,000-square-foot Miami Free Zone industrial complex in Doral for about $85.5 million in 2017.