Three industrial deals since August have positioned Butters Construction and Development as one of Miami’s most active industrial developers. The latest involves the planned development of 185,000-square-feet of warehouse space in Medley.
Butters, led by President Malcolm Butters, will develop the warehouse on 8.8 acres Income Industrial Trust purchased for $3.25 million from Ocean Bank. Butters found the site, at Northwest 109th Court and 123rd Street, and worked out a deal for the REIT to buy the land, with Butters as the developer.
Scott Sime of Sime Realty Corp. represented Ocean Bank, with Lee Katsikos of the The Katsikos Group representing the buyer.
Adam Vaisman, Butters’ director of acquisition and development, has worked on two similar deals. The most significant involves Liberty Property Trust, which plans a 1.8 million-square-foot business park on 126 acres in Medley. Butters will be the developer of the project.
Vaisman said the 185,000-square-foot warehouse will likely be home to two to three tenants.
The timing of the purchase’s close was tied to an end-of-the-year push by Ocean Bank.
“They wanted to close by the fourth quarter,” Vaisman said.
Butters was also the original contract holder on 24.5 acres in the Pan Am West Industrial Business Park, at Northwest 25th Street and 132nd Place, which KTR Capital Partners paid $9.7 million for and hired Butters to develop.
Malcolm Butters said that some of the drivers behind the sales and development activity is the expansion of the Panama Canal and the continued growth of trade with Latin America. In fact, the volume of passengers and cargo traffic at Miami International Airport rose in November, showing strong visitor and trade demand.
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