Major US bank Wells Fargo has provided a 133 million dollar refinancing package for the Dolphin Commerce Center in Miami-Dade County. The borrower is real estate firm LBA Realty, based in Irvine, California. The transaction is detailed in recent county property records.
The new agreement increases an existing liability from 2022. At the time, the loan carried an outstanding balance of around 50 million dollars, which the bank has now expanded by 83 million dollars to reach a total volume of 133 million dollars.
Key details of the Dolphin Commerce Center
The Dolphin Commerce Center site extends across an area of 37 acres in the municipality of Sweetwater. The complex comprises five logistics warehouses with a total usable floor area of 709,480 square feet, arranged along Northwest 25th Street between numbers 11200 and 11698.
The buildings were constructed in the late 1990s and feature clear ceiling heights of between 24 and 28 feet. The property is almost fully occupied: according to details on the LBA Realty website, only around 36,000 square feet of warehouse space is currently available for re-letting.
Strategic location and South Florida portfolio
Geographically, the logistics park is situated roughly one mile north of the Dolphin Mall, east of the toll-operated Florida Turnpike, and close to the boundary of Everglades National Park. From this hub, the site benefits from fast connections to South Florida's regional transport network.
LBA Realty acquired the industrial site in 2022 for a purchase price of 198 million dollars. Alongside the Dolphin Commerce Center, the Californian company holds another site in the region: in 2020, the firm purchased a warehouse with 37,909 square feet of floor space in Weston for 9 million dollars.
