East Capital Partners and VlietCo Enterprises secured a $26 million construction loan for a new speculative warehouse in Hialeah, adding another major industrial development to the Miami-Dade County market. Developers obtain $26 million construction loan for Hialeah warehouse, marking a significant investment in the area.
FirstBank Florida provided the construction financing to co-developers WGC 97th Property LLC, managed by Drew T. DeWitt, co-founder of Darien, Connecticut-based East Capital Partners, and NV Toro Owner, managed by Klaas F. Vlietstra, head of Miami-based VlietCo Enterprises.
The loan covers the developers’ 9.4-acre property at 16300 N.W. 97th Ave. The project reflects continued investment in Hialeah industrial real estate and the broader Miami industrial market.
New 170,000-Square-Foot Hialeah Warehouse
The developers broke ground on the 170,000-square-foot warehouse in May 2024. Miller Construction serves as the general contractor, while RLC Architects designed the project.
The speculative warehouse will add a significant amount of new industrial space to Hialeah, a key South Florida submarket for logistics, distribution, and warehouse users.
In a recent interview with the South Florida Business Journal, DeWitt said the developers expected to complete the warehouse in April 2025.
CBRE’s Devin White serves as the project’s leasing agent.
For companies looking for a warehouse in Hialeah, the development adds another option in a market where industrial properties continue to attract logistics and distribution users.
Developers Acquired the Property for $12.95 Million
East Capital Partners and VlietCo Enterprises acquired the mostly vacant property for $12.95 million in 2022.
The developers then moved forward with plans to transform the 9.4-acre site into a modern industrial facility.
The project’s location along N.W. 97th Avenue provides access to major transportation routes throughout Miami-Dade County, making the property well positioned for industrial and logistics users.
Miami-Dade Industrial Construction Remains Active
The Hialeah warehouse was part of a larger wave of industrial development across Miami-Dade County.
According to CBRE’s first-quarter 2024 report, approximately 7.34 million square feet of industrial space was under construction across Miami-Dade County.
Hialeah accounted for 409,189 square feet of that construction, while neighboring Miami Lakes had another 2.4 million square feet underway.
The market also recorded 591,911 square feet of positive net absorption during the quarter, showing continued demand for industrial space across the county.
However, CBRE noted that 74% of the industrial space expected to be delivered by the end of 2024 remained available for lease.
That availability pointed to a more competitive leasing environment as developers brought new speculative warehouse space to the market.
What the Hialeah Warehouse Means for Miami Industrial Real Estate
The project adds to the growing inventory of Miami industrial real estate serving logistics, distribution, manufacturing, and other industrial users.
Hialeah remains an important industrial location because of its access to major transportation corridors and its proximity to other key Miami-Dade submarkets.
As new warehouse developments come online, businesses evaluating industrial warehouse space in Miami will have more options to consider. At the same time, developers and investors will need to monitor leasing activity, vacancy, rents, and absorption as the market adjusts to new supply.
The $26 million construction loan for the N.W. 97th Avenue project demonstrates continued confidence in the long-term demand for industrial properties in Hialeah and the broader Miami market.
Source: South Florida Business Journal