Hamilton Development, based in Nashville and led by Whitfield Hamilton, is moving forward with plans to convert two office buildings into warehouses in northwest Miami-Dade County. The company recently acquired a 126,224-square-foot office building at 9725 Northwest 117th Avenue for $20.4 million through a deed-in-lieu of foreclosure transaction from Bridge Investment Group, according to public records and the real estate database Vizzda. The property is located within the Flagler Station business park near Doral.
Matthew McCormack of JLL served as the broker for the transaction.
Earlier this year, Hamilton also purchased two other adjacent office buildings from Bridge Investment: a 124,227-square-foot property at 10451 Northwest 117th Avenue for $21.1 million and a 156,928-square-foot building at 9675 Northwest 117th Avenue for $20.8 million. These sales were also completed via deed-in-lieu of foreclosure agreements.
Bridge Investment originally bought the three neighboring properties in 2018 for a total of $85.8 million and financed the purchase with a $64.6 million loan from an affiliate of Wells Fargo. In May, Wells Fargo filed a foreclosure complaint against entities controlled by Bridge Investment that owned the combined 24.4-acre site, citing default on a $59.2 million mortgage.
Records indicate that Hamilton assumed responsibility for the existing mortgage as part of its acquisition of all three buildings.
According to a press release, Hamilton intends to demolish the buildings at 9725 Northwest 117th Avenue and 10451 Northwest 117th Avenue and replace them with two industrial facilities totaling more than 300,000 square feet. The remaining office building at 9675 Northwest 117th Avenue will be retained as part of what will be called Flagler Logistics Center.
“Hamilton plans to break ground on the warehouses next year and expects to complete the project in 2027,” according to the release.
The company is also planning another office-to-industrial conversion in Kendall, an unincorporated area in southwest Miami-Dade County. In August, Hamilton purchased an office building at 14100 Southwest 136th Street from Baptist Health South Florida for $12.3 million and intends to redevelop it into a warehouse complex covering approximately 113,900 square feet.
