Apr 23, 2021
Modlo announces acquisition of 23-acre development site in Miami, FL
Feb 05, 2021
Modlo is pleased to announce that an affiliate recently acquired a 23-acre development site in Miami, Florida, located at the northwest corner of the Palmetto Expressway and NW 36th Street. The property, which was previously home to the Miami Pepsi Bottling Plant, is one of the last large scale industrial development sites within the city, and it is strategically located within two miles of the cargo entrances at Miami International Airport. The site also benefits from its proximity to the Palmetto and Dolphin Expressways, allowing for easy access throughout Miami-Dade County.
“This is a key addition to Modlo’s growing portfolio,” said Oscar Wong, Senior Vice President of Acquisitions. “We are focused on acquiring buildings and land sites within infill markets that display high barriers-to-entry with limited competition from new supply. This site will allow Modlo to develop a state-of-the-art logistics campus within the heart of the Miami airport submarket, and it will be an irreplaceable asset when it is completed. This acquisition is a strong example of Modlo’s development capabilities, which is just one of the wide variety of investment strategies that we employ to build a high quality, diversified logistics portfolio.”
Modlo is expected to break ground on the three-building, 500,000 square foot logistics campus in summer 2021, and construction is expected to be completed in mid 2022.