Developer Avra Jain closed on a warehouse in Hialeah that she plans to redevelop into an entertainment/retail project.
Jain and partners, through Factory Town Holdings LLC, paid $10.5 million for the industrial property at 4800 Northwest 37th Avenue. Property records show 4700 NW 37th Investments LLC, managed by Michael Simkins and David Martin’s Terra, sold the two-parcel assemblage.
Martin planned to work with Jain on refurbishing the 6-acre property, near Hialeah Market Station. The Hialeah City Council approved a land-use amendment in 2018 that rezoned the property to transit-oriented development. The existing warehouse, built in 1932, would be renovated to include restaurant space, art galleries and breweries.
The project, called Factory Town, would be built in two phases spanning more than 200,000 square feet of development, according to Loopnet.
Jain, founder of the Vagabond Group, declined to comment further on her plans but confirmed that Martin is no longer involved in the deal.
The Simkins and Martin entity paid $7.5 million for the parcels in 2018. They include about 159,500 square feet of warehouse space.
This year, Jain, her business partner Joe Del Vecchio, and Martin sold an industrial site in Miami’s Liberty City for $7.5 million. They had previously planned to develop a warehouse for a sports entertainment facility.
In February, Terra and its partner Terranova Corp. sold PepsiCo’s former regional headquarters in Doral, also an industrial property, for $55 million.