Foundry Commercial broke ground on a warehouse at Miami-Opa locka Executive Airport thanks to a $30.1 million construction loan.
Regions Bank provided the leasehold mortgage to Foundry Meek IV LLC, an affiliate of Orlando-based Foundry Commercial, in partnership with the nonprofit Carrie Meek Foundation and Clarion Partners. It covers 20.3 acres that the developer leases from Miami-Dade County’s aviation department.
The property is located on the west side of Northwest 37th Avenue at Northwest 145th Street. It was approved for 113,000 square feet of warehouse.
Fort Lauderdale-based Miller Construction Co. filed notice with the county that it started work there.
“We are very excited to break ground on Phase IV at Carrie Meek International Business Park and build upon the success of the other phases,” stated David Blount, a principal at Foundry Commercial. “We’ve worked hard over the past couple of years with Miami-Dade Aviation Department and Miami-Dade County to bring this project to fruition, and we are thankful for their continued partnership and support.”
Carrie Meek International Business Park is a 122-acre industrial park near the airport that includes a major Amazon.com distribution hub.
According to the first quarter report from Colliers, there was 4.1 million square feet of industrial under construction in Miami-Dade. The quarterly net absorption was a positive 251,205 square feet. However, the vacancy rate increased to 4%, from 1.6% in the same quarter a year ago.