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–Commercial real estate firm expands industrial foothold in key Miami-Dade location–
MIAMI, Fla. (Dec. 18, 2017) – Foundry Commercial announces today that, along with investment partner American Realty Advisors, it has acquired Miami Free Zone: an 823,000 square foot industrial complex located in the heart of Miami-Dade’s Airport West submarket.
Built in 1979, Miami Free Zone currently accommodates three industrial buildings totaling 823,000 square-feet, and also includes 18 acres of undeveloped land at the highly trafficked intersection of North West 107th Ave. and North West 25th St., which provides direct access into the Miami International Airport. Foundry plans to immediately develop the 18 acres of undeveloped land.
“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.”
David Willett, Senior Director at American Realty Advisors, also noted that “This property is an ideal addition to our industrial portfolio. 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.” Willett added, “ARA is pleased to partner with Foundry on this important project and leverage their extensive experience in this market.”
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.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 300 employees and more than 50 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control nearly $900 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2016 through a management-led buyout. For more information, visit www.foundrycommercial.com.
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About American Realty Advisors
With more than $8.0 billion in assets under management, American Realty Advisors is a leading provider of commercial real estate investment management services. For over 29 years, ARA has managed capital for institutional investors utilizing core and value-added commingled funds and separate accounts. ARA acquires assets directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties. More information regarding ARA can be found at www.aracapital.com.
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