Hamilton Development is moving forward with plans to convert two office buildings in northwest Miami-Dade County into industrial warehouses, following the acquisition of properties in the Flagler Station business park near Doral. The company purchased a 126,224-square-foot office building at 9725 Northwest 117th Avenue for $20.4 million through a deed-in-lieu of foreclosure transaction from Bridge Investment Group. The deal was brokered by Matthew McCormack with JLL.
Earlier this year, Hamilton also acquired two additional nearby office buildings from Bridge Investment: a 124,227-square-foot property at 10451 Northwest 117th Avenue for $21.1 million and a 156,928-square-foot building at 9675 Northwest 117th Avenue for $20.8 million. These transactions were also completed via deeds-in-lieu of foreclosure.
Bridge Investment had originally bought all three adjacent properties in 2018 for a total of $85.8 million, using financing that included a $64.6 million loan from an affiliate of Wells Fargo. In May, Wells Fargo filed a foreclosure complaint against Bridge Investment entities tied to the properties due to default on a $59.2 million mortgage.
Hamilton assumed the existing mortgage as part of its acquisition of the three buildings.
According to a press release, “Hamilton plans to tear down the buildings at 9725 Northwest 117th Avenue and at 10451 Northwest 117th Avenue, and replace them with two industrial facilities spanning more than 300,000 square feet.” The third building at 9675 Northwest 117th Avenue will remain as part of what will be called Flagler Logistics Center.
“Hamilton plans to break ground on the warehouses next year and expects to complete the project in 2027,” according to the release.
The company is also pursuing another office-to-industrial conversion in Kendall, located in southwest Miami-Dade County. In August, Hamilton paid Baptist Health South Florida $12.3 million for an office building at 14100 Southwest 136th Street and intends to redevelop it into a warehouse complex covering approximately 113,900 square feet.
