Dalfen Pays $239 a Foot for Fully Leased Doral Warehouse

Dalfen Industrial has bought a fully leased Doral warehouse for $21.3 million, or $239.25 a square foot, according to trade press accounts of the deal, 76% above what the building sold for in 2012, in what brokers call the tightest industrial submarket in South Florida.

Why it matters

Airport West, the industrial pocket hugging Miami International Airport’s cargo terminal, has almost no vacant land left to build on, so pricing now gets set by trades of existing buildings rather than new construction. Dalfen, a Dallas-based buyer, paid up for a 1973-vintage, 88,815-square-foot building with 31-foot clear heights that was already 100% leased, rather than chase land it cannot find. Tyler McElroy, Dalfen’s market officer, said “Miami is one of the most land-constrained and supply-limited industrial markets in the country.” For developers and investors tracking South Florida industrial, $239 a foot on an existing small-bay asset is now a marker for what leased infill product commands here, cash flowing from day one with no lease-up risk.

The numbers

Miami-Dade Property Appraiser records show the building, listed at 89,030 square feet on 3.44 acres at 7600 NW 26th St., last sold on September 26, 2012 for $12.1 million, recorded at OR Book 28290, Page 51, when Terreno Realty bought it from G&R Avborne Miami LLC. The reported $21.3 million price is 76% above that basis. The county’s 2026 tax roll still lists a market value of $11.2 million, less than half the reported sale price, because the new deed had not posted to the assessment record as of this writing. The building is fully leased to Avborne Accessory Group, an aviation maintenance and overhaul company and the same corporate family that sold the property to Terreno 14 years ago and has occupied it since. CBRE brokered the sale. Dalfen’s South Florida holdings now run to roughly 1.7 million square feet across 18 buildings.

What’s next

The Dalfen-Terreno deed has not yet recorded with the Miami-Dade Clerk, so the county’s own consideration figure is still pending. Watch the Clerk’s Official Records for the recorded deed to confirm the trade-press price against the doc-stamp tax. Until then, $239 a foot stands as the best available signal for what a leased, infill Doral building trades at now. For more South Florida deal activity, see the South Florida hub.