Hamilton Development is set to redevelop two office buildings in northwest Miami-Dade County into industrial warehouses after acquiring the properties for $20.4 million through a deed-in-lieu of foreclosure. The purchase was made by an affiliate of Nashville-based Hamilton, led by Whitfield Hamilton, according to property records and real estate database Vizzda. The 126,224-square-foot building at 9725 Northwest 117th Avenue was sold by Bridge Investment Group of Salt Lake City.
Matthew McCormack with JLL brokered the transaction.
Earlier this year, Hamilton also acquired a 124,227-square-foot office building at 10451 Northwest 117th Avenue from Bridge Investment for $21.1 million and a 156,928-square-foot office building at 9675 Northwest 117th Avenue for $20.8 million, both through deed-in-lieu of foreclosure deals.
Bridge Investment had purchased the three adjacent properties in 2018 for a combined $85.8 million, using a $64.6 million loan from an affiliate of Wells Fargo. In May, Wells Fargo filed a foreclosure complaint against the Bridge Investment entities that owned the total 24.4-acre site, citing default on a $59.2 million mortgage.
Hamilton assumed the mortgage as part of its acquisition of all three buildings.
According to a press release from Hamilton Development: “Hamilton plans to tear down the buildings at 9725 Northwest 117th Avenue and at 10451 Northwest 117th Avenue, and replace them with two industrial facilities spanning more than 300,000 square feet.” The company stated that “the office building at 9675 Northwest 117th Avenue will remain as part of the new development that will be called Flagler Logistics Center.”
The company expects to start construction on the warehouses next year and complete the project in 2027.
Hamilton is also pursuing another office-to-industrial conversion in Kendall in southwest Miami-Dade. In August, it purchased an office building at 14100 Southwest 136th Street from Baptist Health South Florida for $12.3 million with plans to redevelop it into a warehouse complex covering nearly 114,000 square feet.
