The Real Deal Miami

FedEx distribution center planned for Homestead

SunCap also has a new distribution warehouse in the works in West Palm Beach
A FedEx distribution center in Miami, developed by SunCap Properties Group

A FedEx distribution center in Miami, developed by SunCap Properties Group

SunCap Properties Group has acquired 49 acres in Homestead to build a $25 million FedEx distribution center.

FedEx land

FedEx land

A SunCap affiliate paid about $4.5 million for the land on Friday and closed on a $25 million loan, records show. Miami-Dade County sold the plot, which is just west of the Homestead Air Reserve Base.

U.S Bank is the lender for the Homestead project.

The developer is also working on a FedEx warehouse near West Palm Beach, where it closed $27 million in financing in February.

SunCap is a national development, investment and advisory firm that focuses on single-tenant, net lease and build-to-suit facilities.