Doral Industrial Portfolio Lands Major Acquisition Financing Following $86M Sale
Midtown Capital Partners has secured $62.92 million in acquisition financing for its recently purchased portfolio of 13 small-bay industrial properties in Doral. Knighthead Funding provided the loan backing Midtown’s $86 million off-market acquisition of the 290,000-square-foot portfolio, which spans 13.33 acres near Miami International Airport. Midtown acquired the properties from Waas Realty in August in a transaction reported as one of Miami-Dade County’s largest recent industrial sales.
Portfolio Includes 13 Doral Industrial Properties
The portfolio consists of 13 urban-infill industrial assets that were developed and assembled over approximately 30 years. The properties are located within one mile of Miami International Airport, placing them in one of Miami-Dade County’s most established warehouse and distribution corridors.
Knighthead originated the financing through a team led by Jonathan Daniel, Alexandra Wiggins and Joseph Marraccini. Arrow Real Estate Advisors arranged the debt through Morris Betesh, Morris Dabbah and Zach Strauss.
The acquisition financing follows Midtown’s $86 million purchase of the portfolio in August. The transaction was completed off market and represented a near-record industrial sales price for Miami-Dade County, according to reporting cited by Commercial Observer.
Small-Bay Industrial Remains Tight in South Florida
Knighthead said vacancy for small-bay industrial properties in South Florida remains below 3%, helping support demand for well-located infill properties such as the Doral portfolio.
The financing also illustrates the growing institutional interest in smaller industrial assets that historically have been more fragmented than large distribution facilities. Portfolios that assemble multiple small-bay properties can provide investors with scale while retaining exposure to infill locations where new industrial development can be difficult.
Key Facts
Location: Doral, Florida, near Miami International Airport
Asset Type: Small-bay industrial
Transaction Type: Acquisition financing
Buyer/Borrower: Midtown Capital Partners
Seller: Waas Realty
Size: 290,000 square feet across 13 properties and 13.33 acres
Purchase Price: $86 million
Financing: $62.92 million
Lender: Knighthead Funding
Debt Arranger: Arrow Real Estate Advisors
Other Notable Details: The properties were developed and assembled over approximately 30 years and are located within one mile of Miami International Airport.
