Duke Realty pays $34M to add to its Hialeah warehouse portfolio

Duke Realty CEO James Connor, and Countyline Corporate Park (Credit: iStock)

Duke Realty just paid $34.4 to Florida East Coast Industries to buy another warehouse at one of Miami-Dade County’s largest industrial parks.

Indianapolis-based Duke Realty bought the 208,000-square-foot facility at Countyline Corporate Park at 3840 West 104th Street in Hialeah for $165 per square foot, property records show. In July, Duke bought three other warehouses at the industrial park for $180 million, where it also signed a contract to purchase the fourth building.

The project, which began construction in 2016, will total more than 8 million square feet.

FECI, the parent company of the passenger rail service Brightline, assembled the 95-acre site in 2005 for a combined $38.3 million.

The park’s largest tenant is KLX Aerospace Solutions, which is using one of the buildings as its headquarters. Other tenants include CGI Windows, which has a 325,000-square-foot lease at the park.

Hialeah is among the top industrial submarkets in Miami-Dade. Commercial sales activity totaled $217.1 million in 2017, up from $83.6 million in 2016, according to Real Capital Analytics.

Duke Realty develops industrial properties across the United States and has been active in South Florida. In 2017, it paid $55 million for a 17.5-acre industrial project in Fort Lauderdale and invested nearly $80 million in three new warehouses in Hialeah Gardens.

from The Real Deal Miami https://therealdeal.com/miami/2019/01/02/duke-realty-pays-34m-to-add-to-its-hialeah-warehouse-portfolio/
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