Miami International Airport is betting on its own backyard, paying $18.2 million for Duty Free Americas’ warehouse at 1800 Northwest 70th Avenue, a roughly 68,000-square-foot industrial building that county officials say will double as indoor storage and a construction staging hub while major upgrades roll out. When the dust settles, airport leaders plan to modernize and reposition the property to generate commercial revenue.
Barry and Blake Katz of WGS Realty brokered the deal. Barry Katz told The Real Deal the transaction took nearly two years to close, as the parties navigated permitting, zoning and easement issues. He also said Duty Free Americas had owned the building for roughly two decades and now plans to move operations to a newer facility.
According to airport officials, the acquisition was financed with future aviation revenue bonds tied to MIA’s land-acquisition subprogram, a funding line included in the Miami-Dade Aviation Department’s proposed FY 2025-26 budget and multi-year capital plan. County budget documents describe the Land Acquisition subprogram as the mechanism the aviation department is using to lock down sites that support both construction and long-term operational needs, according to Miami-Dade County’s budget office.
Part of a $14 Billion Modernization Push
The warehouse buy is one piece of Miami International’s roughly $14 billion Modernization in Action program, a years-long effort that spans everything from moving-walkway replacements to entirely new concourses. The county has been quietly assembling a ring of nearby real estate to support that work, including a $17 million industrial site and larger office and industrial properties that are being used for staging and support, as detailed on Miami International Airport’s news site.
Industrial Market Backdrop
MIA’s land grab is playing out against a busy South Florida industrial market that is trying to digest a wave of new space. Colliers’ Q1 2026 Miami-Dade report tracks about 3.2 million square feet leased in the quarter, average asking rents of roughly $17.04 per square foot and vacancy up to 7.1 percent as 1.4 million square feet of new product hit the market. The same research notes roughly 2.9 million square feet still under construction and an average industrial cap rate near 6.3 percent, underscoring why airports and logistics users are jockeying for well-located warehouse space, according to Colliers.
What’s Next for the Site
For now, county officials say the property is slated to function as indoor storage and a staging area while MIA’s modernization work ramps up. After that, the building is expected to be updated and either leased or redeveloped to bring in revenue. The move fits a broader shift in how the airport funds and manages construction: buy nearby land up front to keep projects moving smoothly, then convert those holdings into income-producing assets over the long haul, a strategy outlined in Miami-Dade’s aviation planning documents, per Miami-Dade County’s budget office.
