Hamilton Development is moving forward with plans to convert two office buildings into industrial warehouses in northwest Miami-Dade County. The company acquired the properties as part of a deed-in-lieu of foreclosure transaction.
An affiliate of Hamilton Development, led by Whitfield Hamilton and based in Nashville, purchased a 126,224-square-foot office building at 9725 Northwest 117th Avenue for $20.4 million from Bridge Investment Group. This sale was brokered by Matthew McCormack with JLL.
Earlier this year, Hamilton also bought a 124,227-square-foot office building at 10451 Northwest 117th Avenue for $21.1 million and a 156,928-square-foot office building at 9675 Northwest 117th Avenue for $20.8 million, both from Bridge Investment Group through similar transactions.
Bridge Investment originally acquired these three adjacent office properties in Flagler Station business park near Doral in 2018 for a combined $85.8 million and financed the purchase with a $64.6 million loan from an affiliate of Wells Fargo. In May, Wells Fargo filed a foreclosure complaint against Bridge Investment entities due to default on a $59.2 million mortgage covering the entire 24.4-acre site.
Hamilton assumed the existing mortgage as part of its acquisition of all three buildings.
According to the press release, “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 remaining office building at 9675 Northwest 117th Avenue will be incorporated into what will be called Flagler Logistics Center.
The company stated that construction on the new warehouses is expected to begin next year and completion is targeted for 2027.
In addition to this project, Hamilton is pursuing another office-to-industrial conversion in Kendall in southwest Miami-Dade County. In August, Hamilton purchased an office building at 14100 Southwest 136th Street from Baptist Health South Florida for $12.3 million and plans to redevelop it into a warehouse complex totaling nearly 114,000 square feet.
