By Brian Bandell – Senior Reporter, South Florida Business Journal
Jul 12, 2022
Greystar and Butters Construction & Development will start work on an industrial project in northwest Miami-Dade County after obtaining a $67 million construction loan.
First Horizon Bank assumed the $13.4 million mortgage to GS Miami Midway Industrial, a partnership between Charleston, South Carolina-based Greystar and Coconut Creek-based Butters, and boosted it to $67 million. It covers the 45.1-acre site at Northwest 97th Avenue and Northwest 170th Street, just north of Hialeah. Miami Midway Park was approved for 509,000 square feet of industrial in four buildings, each with 32-foot clear height.
It’s located between Florida’s Turnpike and Interstate 75, giving the location good access to both Miami-Dade and Broward counties. Greystar is mostly a multifamily developer, but it recently started an industrial division.
There’s been a surge of industrial construction in Miami-Dade due to higher rents. According to the second quarter report from Colliers International, the industrial vacancy rate was 2.3%, down from 3.5% in the same quarter a year ago. The average asking rate held steady at $25.08 a square foot. There was 4.8 million square feet of industrial space under construction.