Midtown Capital Pays $86M for Doral Industrial Portfolio

Midtown Capital Partners paid $86 million for a 14-property industrial portfolio in Doral, a near-record price for Miami-Dade County that closes out a decades-long local ownership chapter. The seller group was the Waas family, whose Waas Realty and Waas Construction built and managed all but one of the buildings and helped shape what is now the City of Doral. The portfolio spans 300,000 square feet along Northwest 54th Street, Northwest 56th Street, Northwest 79th Avenue and Northwest 82nd Avenue, and the deal penciled out to $296 per square foot.

Why it matters

For developers underwriting small-bay industrial in Miami, this print is a fresh basis marker in a submarket where land has been scarce for years and long-held family portfolios rarely change hands. The Waas family, Barbara, Maxwell and Martin Waas of Waas Realty along with Richard Waas of Waas Construction, held these properties for decades, so the price is one of the few real signals of what patient local ownership commands when it finally trades. Midtown Capital’s managing director, Zach Fox, called the portfolio “exactly the type of well-located, difficult-to-replicate small-bay industrial product we look for.” That framing points to why the buyer paid up: replacement supply for small-bay space in Doral is effectively gone, and demand from local businesses keeps outrunning it.

The numbers

The deal totals $86 million across 14 properties and roughly 300,000 square feet, working out to $296 per square foot. Thirteen separate sellers were involved, all represented by Martin Waas of Waas Realty. Midtown was represented by Michael Fay and David Spillers of Avison Young’s Florida Capital Markets Team, along with Tommy Gil and David Olade of Industrial Advisors and Michael Waite of Miami Warehouse Real Estate. Miami-Dade’s industrial market logged 402,000 square feet of positive net absorption in the second quarter, pushing vacancy down to 6.9 percent with rents near historic highs, according to Avison Young.

What’s next

The purchase adds to Midtown Capital’s roughly $1 billion portfolio of more than 3 million square feet across industrial, multifamily and office assets. The firm has been active across South Florida this year, including a $56.1 million industrial portfolio buy in Orlando in June, a $44.5 million Pembroke Pines office deal with multifamily redevelopment plans, and an $84 million construction bridge loan for its Astor Park Flagler Village apartment project in Fort Lauderdale. With small-bay supply this tight, expect more buyers to chase whatever Doral inventory surfaces next.