Duke Realty pays $34M to add to its Hialeah warehouse portfolio

Duke bought its fourth building from FECI at Countyline Corporate Park

Miami /
Jan.January 02, 2019 12:30 PM

Duke Realty CEO James Connor, and Countyline Corporate Park (Credit: iStock)

Duke Realty just paid $34.4 to Florida East Coast Industries to buy another warehouse at one of Miami-Dade County’s largest industrial parks.

Indianapolis-based Duke Realty bought the 208,000-square-foot facility at Countyline Corporate Park at 3840 West 104th Street in Hialeah for $165 per square foot, property records show. In July, Duke bought three other warehouses at the industrial park for $180 million, where it also signed a contract to purchase the fourth building.

The project, which began construction in 2016, will total more than 8 million square feet.

FECI, the parent company of the passenger rail service Brightline, assembled the 95-acre site in 2005 for a combined $38.3 million.

The park’s largest tenant is KLX Aerospace Solutions, which is using one of the buildings as its headquarters. Other tenants include CGI Windows, which has a 325,000-square-foot lease at the park.

Hialeah is among the top industrial submarkets in Miami-Dade. Commercial sales activity totaled $217.1 million in 2017, up from $83.6 million in 2016, according to Real Capital Analytics.

Duke Realty develops industrial properties across the United States and has been active in South Florida. In 2017, it paid $55 million for a 17.5-acre industrial project in Fort Lauderdale and invested nearly $80 million in three new warehouses in Hialeah Gardens.


Related Articles

arrow_forward_ios
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
CenterPoint Properties CEO Bob Chapman and 4040 W 108th St, Hialeah, FL. (Google Maps, GI Partners)
CenterPoint pays $184M for warehouses at Hialeah business park
CenterPoint pays $184M for warehouses at Hialeah business park
Kolleen OP Cobb and Countyline Corporate Park Building 26 (FECI)
FECI scores construction loan for Hialeah business park
FECI scores construction loan for Hialeah business park
TA Realty Managing Partner James Buckingham and (clockwise from top left) 1604 West 31st Place, 2440 West 8th Court and 2500 West 84th Street (Google Maps)
TA Realty buys back industrial property in Hialeah as part of $52M deal
TA Realty buys back industrial property in Hialeah as part of $52M deal
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)
South Florida’s biggest real estate stories of 2020
South Florida’s biggest real estate stories of 2020
Renderings of Motorsport Network, CocoWalk and the Prologis building
Lease roundup: Motorsport Network to relocate to Magic City and more
Lease roundup: Motorsport Network to relocate to Magic City and more
PGIM Real Estate CEO Eric Adler (left) and Bridge CEO Steve Poulos with a rendering of the cold storage facility  (Photos via PGIM; Bridge; Ware Malcolm)
JV developing Hialeah spec cold storage facility lands $67M construction loan
JV developing Hialeah spec cold storage facility lands $67M construction loan
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...