Hamilton Development, a Nashville-based company led by Whitfield Hamilton, has announced plans to redevelop two office buildings in northwest Miami-Dade County into warehouses. The move comes as the suburban office market in the area faces ongoing challenges.
According to public records and real estate database Vizzda, an affiliate of Hamilton acquired a 126,224-square-foot office building at 9725 Northwest 117th Avenue in the Flagler Station business park near Doral through a deed-in-lieu of foreclosure transaction. Bridge Investment Group, based in Salt Lake City, sold the property. Matthew McCormack from JLL brokered the deal.
Earlier this year, Bridge Investment also sold two other nearby properties to Hamilton: a 124,227-square-foot office building at 10451 Northwest 117th Avenue for $21.1 million and a 156,928-square-foot office building at 9675 Northwest 117th Avenue for $20.8 million. All three adjacent buildings were originally purchased by Bridge Investment in 2018 for $85.8 million with financing from a Wells Fargo affiliate.
In May, Wells Fargo filed a foreclosure complaint against entities controlled by Bridge Investment over alleged default on a $59.2 million mortgage tied to the properties. As part of its purchase agreement for all three buildings, Hamilton assumed responsibility for the existing mortgage.
A press release states that Hamilton will demolish the buildings at 9725 and 10451 Northwest 117th Avenue and construct two industrial facilities totaling more than 300,000 square feet on those sites. The third building at 9675 Northwest 117th Avenue will remain and be included in what will be called Flagler Logistics Center.
Construction on the new warehouses is scheduled to begin next year with completion expected in 2027.
Hamilton is also planning another office-to-industrial conversion project 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 spanning nearly 114,000 square feet.
