CBRE, on behalf of Butters Construction & Development, announced the acquisition and future development of Miami Midway Park, a 45.1-acre site at NW 97th Avenue and NW 170th Street in Hialeah Gardens.
Butters has partnered with Greystar, a global leader in the investment, development, and management of high-quality rental housing properties and industrial assets, with over 33,500 multifamily units developed totaling over $16 billion in assets under development.
The joint venture partnership plans to develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. Butters retained CBRE to procure a well-capitalized and institutional partner to acquire the site and develop the park. CBRE identified Greystar, and their partner, Whitman Peterson, as the development and equity partner for the industrial component of the project, while Greystar’s affiliated capital is closing on the multifamily portion of the project. Terra Group, one of the most active real estate development groups in South Florida, sold the site to the joint venture.
Christian Lee, Vice Chairman; Chris Riley, Vice Chairman; and Jose Lobon, Executive Vice President; led the transaction for CBRE. They were assisted by Devin White and David Albert, Senior Vice Presidents with CBRE Industrial Leasing; and Royce Rose, Financial Analyst.
The 30-year-old Butters organization, which is one of the leading developers in South Florida and has built more than 20 million square feet of commercial space in South Florida, is capitalizing on South Florida’s robust and nation-leading fundamentals. South Florida is the fourth-fastest growing MSA nationally and is ranked third in employment. Despite these robust industrial demand drivers, South Florida is vastly land constrained, resulting in the second lowest ratio of new industrial development as a percent of beginning inventory over the last five years. These favorable supply/demand dynamics have paved the way for robust absorption, low vacancy levels, and strong rent growth.
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