Hamilton Development, based in Nashville and led by Whitfield Hamilton, has acquired two office buildings in northwest Miami-Dade County with plans to convert them into industrial warehouses. The properties, located at 9725 Northwest 117th Avenue and 10451 Northwest 117th Avenue in the Flagler Station business park near Doral, were purchased from Bridge Investment Group of Salt Lake City through deed-in-lieu of foreclosure transactions.
The building at 9725 Northwest 117th Avenue was bought for $20.4 million. Earlier this year, Hamilton also purchased a second property at 10451 Northwest 117th Avenue for $21.1 million and a third office building at 9675 Northwest 117th Avenue for $20.8 million. These three adjacent properties had previously been acquired by Bridge Investment in 2018 for a combined total of $85.8 million, financed with a loan from Wells Fargo.
In May, Wells Fargo filed a foreclosure complaint against the Bridge Investment entities that owned the group of properties due to default on a $59.2 million mortgage. As part of its purchase, Hamilton assumed the outstanding mortgage on all three buildings.
Matthew McCormack with JLL served as broker for the transaction.
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 third building at 9675 Northwest 117th Avenue will remain as part of what will be called Flagler Logistics Center.
The company expects to start construction on the new warehouses next year and aims to complete the project in 2027. The press release states: “Hamilton plans to break ground on the warehouses next year and expects to complete the project in 2027.”
In addition to these projects in northwest Miami-Dade, Hamilton is planning another office-to-industrial conversion in Kendall. In August, it purchased an office building at 14100 Southwest 136th Street from Baptist Health South Florida for $12.3 million and intends to redevelop it into a warehouse complex covering nearly 114,000 square feet.
