The Real Deal Miami

Industrial developer picks up 28-acre vacant lot for $12.2M

Company plans to build and lease distribution center

May 13, 2015 05:00PM
By Sean Stewart-Muniz

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The 28-acre lot and broker Frank Lago

The 28-acre lot and broker Frank Lago

A 28-acre tract in western Miami-Dade just sold for $12.2 million to an industrial developer.

The vacant plot, located just west of the Dolphin Mall, will be transformed into a distribution center with warehouses by its new owner DCT Industrial. The company will then lease the buildings.

The seller was listed as a Coral Gables-based attorney, according Miami-Dade County property records.

Frank Lago, a broker with Keller Williams Commercial, represented both parties.

The hole in the donut where DCT Industrial's new tract sits

The hole in the donut where DCT Industrial’s new tract sits

Lago told TRD that the property was known as the “hole in the donut” because it was encircled by the county’s urban development boundary, which prevents urban growth from encroaching on the Everglades.

Though the areas around the property had gradually been zoned and built out, the land had been excluded from the boundary, leaving it vacant.

Lago said it was finally incorporated in 2013 after the county realized it needed more industrial space, and DCT has already rezoned the land in preparation of its new project.

“A lot of industrial companies see South Florida as a hub,” Lago said.