Xebec nabs $44M construction loan for industrial development near Miami Gardens
David Martin’s Terra previously planned warehouses on the site, but is no longer involved with property
Xebec scored a $44 million construction loan for an industrial development near Miami Gardens.
The Dallas-based firm secured financing tied to 15.7 acres of land on the northeast corner of Northwest 67th Avenue and Northwest 167th Street in unincorporated Miami-Dade County, according to records. Fifth Third Bank is the lender.
The land, east of New Testament Baptist Church and Dade Christian School at 6601 Northwest 167th Street, used to be a baseball and football field for the school. The property’s zoning allows offices, as well as manufacturing, storage and distribution uses.
David Martin’s Miami-based Terra previously planned an industrial project on the site, after paying $15 million for the land in January of last year. Rene Vivo, CEO of Hialeah-based industrial brokerage Vivo Real Estate Group, was a partner on the deal and the planned project, according to media reports.
In June, Xebec bought Terra’s stake in the site by purchasing Terra’s interest in the property’s ownership entity, according to state corporate records. The purchase price is unknown.
A Terra spokesperson confirmed Terra is no longer involved in the property, but declined to provide the sale price or the firm’s reason for exiting the project. Vivo didn’t immediately return an inquiry regarding his current involvement in the project.
This isn’t Xebec’s first deal with Terra. In 2021, Terra, along with Avra Jain and Joe Del Vecchio, flipped a 4.7-acre industrial land site they planned to develop at 1010 Northwest 72nd Street in Miami’s Liberty City to Xebec. The $7.5 million sale represented a 49 percent profit for the sellers, who had paid $3.8 million for the property in 2018.
In the Los Angeles suburb of Sylmar, Xebec paid $24 million for an industrial complex last year, with plans to replace it with a new facility.
In its other Southern California projects, Xebec scored a $34.1 million construction loan last year for a 300,000-square-foot spec industrial development in the Inland Empire.
Founded by CEO Randy Kendrick in 1996, Xebec has developed, redeveloped and purchased more than 11.5 million square feet of industrial real estate, according to its website.
South Florida’s industrial market has shown signs of softening after years of robust growth.
In Miami-Dade, tenant demand fell to roughly 36,000 square feet in the fourth quarter of last year, a significant drop from 1.7 million square feet in the same period of 2021, according to Newmark. The industrial vacancy rate increased to 3.1 percent from 2.6 percent, year-over-year. Yet, landlords kept pushing up asking rents, which reached $13.37 per square foot in the fourth quarter, up from $9.96 a foot during the same period of 2021.
In January Ares Management dropped $111.1 million for a 52-acre development site in Countyline Corporate Park in Hialeah, where the firm plans a three-building industrial complex.