Foundry and partner to expand Miami Free Zone complex

$61M project calls for a new distribution warehouse and showroom

Miami /
Oct.October 17, 2018 10:30 AM

From left: A rendering of 2305 Northwest 107th Avenue and Fairchild Partners’ Sebastian Juncadella and Jose Juncadella

More industrial space is planned for Doral.

Foundry Commercial and Oakwood Real Estate Partners will add two new buildings to the Miami Free Zone, which they plan to rename Miami Central Commons. A Foundry partnership acquired the 823,000-square-foot industrial complex for $85.5 million earlier this year.

Established in 1979, the 47-acre foreign trade zone at 2305 Northwest 107th Avenue was the second of its kind in Florida and the first in Miami-Dade. It’s federally controlled, and exempts producers and manufacturers inside the zone from paying certain duties or other ad valorem taxes. The zones were created during the Great Depression to lower the cost of doing business for U.S.-based companies engaged in international trade.

Foundry and Oakwood plan to build an 162,690-square-foot distribution center and 155,350-square-foot showroom on an adjacent 18-acre lot on the west side of the property, according to Fairchild Partners Commercial Real Estate Services. David Blount, a vice president at Foundry, said the $61 million project will be self-financed.

Brokers Jose Juncadella and Sebastian Juncadella of Fairchild Partners are the leasing agents. The existing industrial buildings are about 90 percent leased, Sebastian Juncadella said.

Asking rents for the new distribution center will start at $9 per square foot, triple net, and $14 per square foot, triple net for the showroom, he added.

Tenants can lease spaces as small as 1,800 square feet. The first phase, which consists of about 318,000 square feet of new industrial space, is expected to be completed by the second quarter of 2019. Site work is underway.

Plans for the second phase are still being determined.

Foundry is also building Amazon’s third distribution center  in Miami-Dade County, an 800,000-square-foot warehouse at the Carrie Meek International Business Park in Opa-Locka. The facility would be the e-commerce company’s largest lease-deal in Miami-Dade County.


Related Articles

arrow_forward_ios
Stephen Schwarzman with the site (Getty, Google Maps)

Blackstone pays $21M for Doral industrial dev site

Blackstone pays $21M for Doral industrial dev site
Axonic's Clayton DeGiacinto and Jonathan Shechtman with 10000 Northwest 45th Terrace, Doral (Google Maps)

Axonic Properties pays $37M for bulk purchase of Doral condos

Axonic Properties pays $37M for bulk purchase of Doral condos
Costco CEO Craig Jelinek and 8300 Park Boulevard, Miami (Costco, Google Maps, iStock)

Costco sells site near Doral to Trammell Crow for $19M

Costco sells site near Doral to Trammell Crow for $19M
Mario Oliva of Banesco USA & 3155 Northwest 77th Avenue, Doral (Banesco, Google Maps)

Banesco USA pays $12M for new HQ in Doral

Banesco USA pays $12M for new HQ in Doral
Masoud Shojaee with rendering of Sanctuary at Doral and pictured with daughter Lilibet Shojaee (Shoma Group)

Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records

Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
1910 Northwest 97th Avenue, Doral and GLP's Alan Yang (Google Maps)

GCP pays $16M for Doral warehouse

GCP pays $16M for Doral warehouse
Miguel Alcivar, Wayne Ramoski, Gian Rodriguez, Dominic Montazemi and Skylar Stein of Cushman & Wakefield

MG3 buys former Miami Herald printing facility for $12M

MG3 buys former Miami Herald printing facility for $12M
Mayor Bud Scholl and EverWest CEO Rick Stone with 1101 East 33rd Street, Hialeah (City of Sunny Isles Beach, EverWest)

Sunny Isles mayor sells Hialeah warehouse for $13M

Sunny Isles mayor sells Hialeah warehouse for $13M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...