JLL Capital Markets has announced the successful $12.29 million sale of a 6.63-acre industrial development site located at 14100 SW 136th St. in Miami, Florida. The transaction, facilitated by JLL, saw Hamilton Development Company acquire the strategically positioned property from seller Baptist Health South Florida Inc. This deal highlights the continued strength and investor interest in Miami-Dade’s industrial real estate market.
Key Takeaways
- A 6.63-acre industrial development site in Miami-Dade County was sold for $12.29 million.
- The property is adjacent to Miami Executive Airport and offers excellent access to major transportation routes.
- The site is zoned for industrial, office, hospitality, and automotive uses, with potential for approximately 110,000 square feet of small-bay industrial space.
- The transaction involved subdividing a larger parcel, allowing the seller to retain a portion for its existing emergency care center.
Strategic Location and Development Potential
The 6.63-acre parcel is situated in a prime industrial corridor within Miami-Dade County, boasting proximity to Miami Executive Airport and major roadways like the Florida Turnpike and Don Shula Expressway. This location provides efficient access to a significant labor pool and a vast consumer market, with over 5.4 million people reachable within a 90-minute drive.
The property is zoned IU-C (Industrial District, Conditional), which permits a wide range of uses including industrial, office, hospitality, and automotive sales and leasing. Hamilton Development Company plans to develop approximately 110,000 square feet of small-bay industrial space, featuring a mix of grade-level and dock-high loading doors. Alternative development scenarios considered included a modern automotive dealership with showroom facilities and structured parking.
Transaction Details
The sale involved a unique covenant-in-lieu process, enabling Baptist Health South Florida to retain ownership of a portion of the original parcel for its West Kendall Emergency Care Center while divesting the development-ready 6.63-acre site. The buyer, Hamilton Development Company, demolished a 37,400-square-foot office and warehouse building that was on the site prior to closing to prepare for new construction.
The JLL Capital Markets team that orchestrated the sale was led by Executive Managing Director Manny de Zarraga, Managing Director Luis Castillo, Senior Director Cody Brais, and Associates Michael Roukis and Taylor Osborne. Luis Castillo commented on the strong bidding activity, reinforcing the belief that Miami-Dade’s market is outperforming both regionally and nationally due to population growth, international trade advantages, and limited land availability, which are drivers for sustained industrial real estate appreciation.
Sources
- JLL facilitates $12.29M sale of 6.63-acre development site in Miami-Dade County, JLL.
- JLL Facilitates $12.29M Sale of 6.63-Acre Development Site in Miami-Dade County, citybiz.