Two transactions this week reinforce the same story we’ve been tracking in Miami-Dade: infill industrial — new Class A distribution space and smaller-bay product alike — continues to command premium attention even as countywide vacancy sits at an elevated level from recent construction.
On August 27, Walmart signed a 16-year lease at Seagis Property Group’s newly completed warehouse at 10900 NW 138th Street in Medley. Public records indicate Walmart is likely taking the entire 130,150-SF building — 40-foot clear height, 46 dock-high doors, immediate Turnpike/Okeechobee access.
A single full-building lease is one data point, but it isn’t an isolated one. Combined with Ryder’s roughly 409,000-SF deal, Vision Aerospace’s expansion, and the recent Powerhouse Engines lease, Miami is producing a clear pattern: large credit occupiers are the ones absorbing newly delivered Class A product. That is exactly the kind of demand a market needs to digest a recent supply wave, and it’s a materially better signal than seeing new buildings sit and compete on concessions.
The more interesting transaction closed Friday. Midtown Capital Partners purchased a 14-property, roughly 300,000-SF Doral industrial portfolio for $86 million — about $296 per square foot. The properties sit along the core NW 54th/56th Street and NW 79th/82nd Avenue industrial corridors.
That price is the headline here, and it matters because this isn’t trophy big-box logistics — it’s small- and midsize infill product. It supports the thesis we’ve made in earlier briefs: infill industrial in Airport/Doral is a premium asset class in its own right, distinct from commodity big-box. Earlier South Florida research already showed small-bay vacancy running around 2.3%–3.0%, dramatically tighter than the roughly 8.5%–9.8% typical of larger-box product — and buyers are underwriting to that tighter reality, not the countywide average.
The latest full-quarter figures (Q2) show Miami-Dade recording 782,677 SF of positive absorption and 3.0 million SF of leasing, but vacancy still climbed to 7.7% because 769,100 SF delivered during the quarter. Asking rents reached $17.19/SF NNN, with another 2.9 million SF under construction. The countywide vacancy number is a supply story, not a demand story — and this week’s two transactions are more evidence of that.
One more item worth flagging: a Miami-Dade food distributor was named August 25 in a foreclosure involving a $15 million loan secured by a warehouse. We would not read one foreclosure as broad industrial distress. But it does reinforce an opportunity we’ve discussed before — highly leveraged owner-users and investors who refinanced or acquired during the low-rate period are becoming worthwhile prospecting targets as rates and lease terms reset.
For owners of well-located infill product in Doral, Medley, Airport-area and similar corridors, this week is more confirmation that the market is pricing your asset differently — and more favorably — than the countywide industrial averages suggest. For investors, competition for this exact product type is intensifying quickly.
Market commentary based on reported transaction and public-record data; not investment advice. Figures per public deal reporting for the week of August 31, 2026.
Talk to one of our agents about leasing, buying or selling industrial and commercial space in South Florida.