Midtown Capital Drops $86 Million in Doral Industrial Market
Midtown Capital Partners scooped up a 14-property industrial portfolio in Doral for $86 million, a near-record price for Miami-Dade County.
The portfolio spans 300,000 square feet along Northwest 54th Street, Northwest 56th Street, Northwest 79th Avenue and Northwest 82nd Avenue, according to a press release. The deal penciled out to $296 per square foot.
The Miami-based real estate investment firm was represented by Michael Fay and David Spillers of Avison Young, Avison Young’s Florida Capital Markets Team, Tommy Gil and David Olade of Industrial Advisors and Michael Waite of Miami Warehouse Real Estate.
There were 13 separate sellers, all of whom were represented by Martin Waas of Waas Realty.
Waas Realty founders Barbara, Maxwell and Martin Waas, along with Waas Construction President Richard Waas, developed all but one of the portfolio properties and managed them for decades, helping shape what is now the City of Doral, according to the release.
The portfolio is “exactly the type of well-located, difficult-to-replicate small-bay industrial product we look for,” said Zach Fox, Midtown Capital Partners’ managing director.
The sale comes as tightening small-bay industrial supply and demand from local businesses has fueled investor interest and pushed rents higher, Spillers said.
Miami’s industrial market is strong, with 402,000 square feet of positive net absorption in the second quarter that pushed vacancy down to 6.9 percent while rents remained near historic highs, according to Avison Young.
Midtown Capital Partners’ latest acquisition adds to the firm’s $1 billion real estate portfolio comprising more than 3 million square feet of industrial, multifamily and office space.
In 2022, MCP paid $37 million for the Vista Business Park, a six-building office and industrial complex in West Palm Beach. In June, the firm shelled out $56.1 million for a five-building industrial portfolio in Orlando, the South Florida Business Journal reported.
The firm has been involved in several multifamily projects in Broward County. Earlier this year, the firm dropped $44.5 million on an office complex in Pembroke Pines, with plans to eventually develop a multifamily property on the site. At the same time, the firm secured an $84 million construction bridge loan for its Astor Park Flagler Village apartment project in Fort Lauderdale.
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