Miami-Dade County Aviation Department landed a Park ‘N Fly and car rental facility near Miami International Airport.
The aviation department paid $45 million for the 198,500-square-foot, two-building facility spanning 11.5 acres at 2800 Northwest 39th Avenue in unincorporated Miami-Dade, east of the airport, according to records. An entity led by Michael and Ronald Simkins was the seller.
Alan Leon of Keller Williams and David Kreps brokered the off-market deal.
Although the county bought the property to accommodate potential future MIA growth, Miami-Dade will keep the Park ‘N Fly and car rental business on the site for now. According to a November staff memo, the county will continue to lease 172,000 square feet to Budget Rent a Car until May for $41,700 a month. The county has the option to renew the lease. Park ‘N Fly will continue managing its property under a five-year agreement with two one-year extension options. The county will pay Park ‘N Fly a $40,000 management fee and 5 percent of revenue.
The Miami-Dade Airport and Economic Development Committee approved the purchase in October. Commissioners blessed the deal in November.
In the long term, MIA needs the property to “accommodate the airport’s terminal support facility needs as part of” future growth, the memo says, although it doesn’t elaborate.
The property is separated from the airport by Le Jeune Road, meaning the county is more likely to use the buildings for ancillary purposes such as parking rather than expanding MIA terminals that are across the street.
Miami-Dade has been trying to beef up its real estate portfolio in recent months, but another planned purchase didn’t pan out. In December, Mayor Daniella Levine Cava deferred from a commission agenda a controversial proposal for the county to pay $365 million for office buildings where Miami-Dade departments can consolidate.
Levine-Cava said her administration will continue negotiations, following concerns that the price was $133 million more than market value. The county wants to buy the Flagler Corporate Center, a mostly vacant complex at 9250 West Flagler Street in Fontainebleau, as well as the Assurant Center at 11222 Quail Roost Drive in South Miami Heights.