Keating to Sell 100% Leased Miami-Dade Property
Press, Real Estate | June 16, 2017
This 20.57 acre site presents a rare opportunity to acquire income producing industrial buildings with the potential for redevelopment into a major transit-oriented mixed-use project that would redefine central Miami. The entire area has been approved with an overlay district allowing rezoning for a dense residential or mixed-use development. This offers an owner the opportunity to transform the property into one of Hialeah’s most iconic projects.
Market Station is in Hialeah bound by SE 8th Street on the south, SE 5th Street on the north, SE 9th Court on the west and the Tri-Rail on the east. The site is located one-half mile northeast of Miami International Airport, three blocks from Airport Expressway/State Road 112 and 2 blocks north of Tri-Rail’s Hialeah Market Station, which is one stop south of the Metrorail transfer point and one stop north of Miami International Airport.
The site is located in a dense area of the Miami metropolitan area and experienced population growth of 6.6% over the last five years. Due to the proximity of the airport, the growing desire of the population to be located closer to work and the relative lack of new, affordable housing in the region, Cushman & Wakefield is bullish that the area has the potential to greatly exceed this forecast with the redevelopment opportunities available.
The subject property is zoned M-1 and currently operates as a multi-tenant warehouse. The warehouse facilities are composed of two buildings that total ± 506,300 SF. Details on the in-place use can be found on page 55. A full industrial package is available as well. This site also offers the unprecedented opportunity with its current overlay district to be redeveloped into a massive mixed use project with density as many as 2,571 units (125 dwelling units per acre.) This site has the potential to become Hialeah’s main commercial and residential focal point because of its immediate highway access to Miami’s top amenities.