Avison Young arranges sale of 14 property small-bay industrial portfolio in Doral, Florida for $86 million

Limited inventory and strong occupier demand support near-record pricing at approximately $296 per square foot

Doral, FL – Global real estate advisor Avison Young arranged the sale of a 14 property, small-bay industrial portfolio totaling nearly 300,000 square feet along NW 54th Street, NW 56th Street, NW 79th Avenue and NW 82nd Avenue in Doral, Florida for $86 million, from thirteen separate sellers to buyer Midtown Capital Partners.

Martin Waas of Waas Realty LLC represented the sellers. The buyer, Midtown Capital Partners, was represented by Avison Young Principal Michael T. Fay, Senior Vice President David Spillers and Avison Young’s Florida Capital Markets Team, along with Industrial Advisors’ Tommy Gil and David Olade and Miami Warehouse Real Estate’s Michael Waite.

Barbara, Maxwell and Martin Waas, founders of Waas Realty, along with Richard Waas, president of Waas Construction, were instrumental in the development of all but one of the portfolio properties, beginning in 1973. For more than 50 years, Waas Realty handled the leasing and management of the portfolio from the same office location, serving generations of local businesses in the Doral market.

“When we first started in what was known as Airport West in 1973, the area was mostly farms and dirt roads, and we were instrumental in helping shape what is now the City of Doral,” said Martin Waas. “In November 2022, the City of Doral renamed the section of NW 56th Street located outside our office, running from NW 79th Avenue to NW 87th Avenue, as Maxwell Waas Way to honor my father for his many years of work helping shape the city.”

At an average sale price of approximately $296 per square foot across the portfolio, the transaction represents one of the highest per-square-foot valuations achieved for comparable investor-acquired small-bay industrial product in Miami-Dade County.

“Most of South Florida’s recent wave of industrial development has been concentrated in larger distribution facilities,” said Spillers. “Modern small-bay industrial space remains difficult to develop economically, resulting in limited new supply. At the same time, demand from local businesses and service-oriented users continues to grow, creating a supply-demand imbalance that’s prompted rental growth and increased investor interest in well-located small-bay assets.”

According to Avison Young's Q2 Miami industrial market report, the region continues to demonstrate strong fundamentals, with more than 402,000 square feet of positive net absorption recorded during the quarter, the highest level since Q2 2025. Market-wide vacancy declined to 6.9%, while average asking rents remained near historic highs at $17.54 per square foot NNN, reflecting sustained occupier demand.

"This is exactly the type of well-located, difficult-to-replicate small-bay industrial product we look for," said Zach Fox, Managing Director of Midtown Capital Partners. "We're grateful to the Waas family for entrusting us with their legacy, and we remain active in growing our industrial footprint across South Florida."