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Codina lands $54.3M of bank financing for Hialeah industrial development

The 72.2-acre Beacon Logistics Park project in Hialeah is Armando Codina's first industrial development in more than a decade
March 10, 2018 01:00PM

Armando Codina and the site of Beacon Logistics Park in Hialeah

Coral Gables-based Codina Partners landed $54.3 million of bank financing for its development of an industrial park on 72.2 acres in Hialeah.

Codina Partners, led by developer Armando Codina, got a $23.1 million acquisition and development loan and a $33 million revolving line of credit to fund construction from Weston-based Florida Community Bank.

The Coral Gables-based company assembled the development site at 9100 West 40th Avenue by acquiring 55 acres in 2015 for $28.3 million and the other 17.2 acres in January for $10 million.

Codina has said the planned industrial park, called Beacon Logistics Park, would have industrial buildings with as much as 1.5 million square feet of space.

Buildings that range in size from 145,000 square feet to 230,000 square feet are the centerpiece of the site plan for Beacon Logistics Park.

The development marks Codina’s return to the South Florida industrial market after more than a decade.

From the mid-1980s to 2006, Codina developed more than 20 million square feet of industrial space in the Miami area including Beacon Centre, Beacon Industrial Park and Dolphin Commerce Center. [South Florida Business Journal] – Mike Seemuth