The Real Deal Miami

Atlanta firm buys industrial portfolio in Miami Gardens for $44M

MDH Partners financed deal with $132M loan that includes properties outside of Miami-Dade
January 26, 2017 10:30AM

1400 Northwest 167th Street. Inset: MDH CEO Jeffrey Small

Atlanta-based MDH Partners paid $44 million for a portfolio of warehouses in Miami-Gardens.

Records show Continental Equities Inc., a company controlled by William C. Webb Jr., sold the properties to MDH. The real estate company financed the sale with a $132.3 million mortgage that includes properties elsewhere in Florida.

MDH acquired six warehouses and one office building near the Palmetto Expressway and I-75, which were built between 1964 and 1974. They total 600,152 square feet and 22.2 acres, according to the South Florida Business Journal. The properties include the 181,850-square-foot warehouse at 1400 Northwest 167th Street, which sold for $15 million and is occupied by Floor & Decor, two warehouses totaling 165,710 square feet at 1600 Northwest 159th Street, which traded for $11.4 million, plus three others that sold for a combined $12.16 million.

Continental Equities also sold the 10,851-square-foot office building at 1300 Northwest 167th Street, which traded for $1 million.

MDH, which has its Florida offices in Orlando in Tampa, has more than 8 million square feet in seven states from Virginia to Florida in its portfolio, according to the firm’s website. The investment company also says it plans to double in size over the next two years by buying and building industrial properties in the Southeast.

Nearby MDH’s latest acquisition, EastGroup Properties picked up 61 acres of land in Miami Gardens in November with plans to develop an 850,000-square-foot  industrial park on the site. EastGroup paid $26.5 million for the development site, which broke down to about $434,000 per acre.

Miami Gardens is also home to the Miami Dolphins’ Hard Rock Stadium. Dolphins owner and New York developer Stephen Ross invested more than $500 million into the stadium and reopened it last year. [SFBJ] – Katherine Kallergis