A 14-building industrial portfolio in Doral has changed hands, marking a notable trade in the small-bay warehouse segment. The properties include assets dating back to 1973 and were held by a longtime owner prior to the sale. Many of the warehouses had been structured under separate limited liability companies, reflecting a fragmented ownership profile across the portfolio.
Leasing and management for many of the buildings had been overseen by Martin Waas of Waas Realty. The assets are characterized as small-bay industrial facilities, with individual buildings ranging from 8,000 to 25,000 square feet. In aggregate, the portfolio totals approximately 300,000 square feet of space.
Midtown Capital Partners emerged as the buyer of the Doral industrial portfolio. The 300,000-square-foot collection of properties sold for $86 million, translating to approximately $296 per square foot. The transaction underscores investor appetite for smaller-scale industrial product in a submarket where supply is described as tight.
Avison Young played a central advisory role in the deal, with Michael Fay and David Spillers participating on the assignment. They were joined by Industrial Advisors professionals Tommy Gil and David Olade, as well as Michael Waite of Miami Warehouse Real Estate. These parties represented Midtown Capital Partners in the transaction.
Market observations provided by Avison Young indicate that tightening supply of small-bay industrial properties in Doral, combined with solid demand from local businesses, has drawn heightened investor interest. This dynamic has contributed to upward pressure on rents for this segment of the market.
Over the past year, smaller-scale warehouse space in the area has recorded vacancy rates near 4%, according to the report. In contrast, larger warehouse facilities have experienced vacancy rates roughly double that level. The divergence highlights the relative strength of demand for smaller industrial footprints compared with larger-format logistics space in the Doral industrial market.
