Xebec Snags $44M to Build Next Door to Hialeah Church
By Julia Echikson January 31, 2023 5:33 pm
reprints
Industrial real estate firm Xebec Realty has secured a $44 million construction loan from Fifth Third Bank for the property next door to the New Testament Baptist Church campus in Hialeah, Fla., property records show.
The funds will likely go toward building an industrial development planned for the 15.7-acre site, which faces the Palmetto Expressway at 6601 NW 167th Street, just east of the church complex, where it also operates the Dade Christian School. The parcel, which housed the school’s football and baseball pitch, is zoned for light industrial manufacturing, storage and wholesale distribution facilities as well as offices.
In 2021, the church sold the parcel for $15 million to David Martin’s Terra, one of Miami’s most prominent development firms, and Vivo Real Estate Group, led by Rene Vivo. A spokesperson for Terra said the company is no longer involved in the project, while Vivo has yet to provide comment.
Xebec’s purchase of the site was not recorded in Miami-Dade County property records. State corporate records suggest the Terra-led joint venture transferred the rights to the LLC that owns the land to the Texas-based developer, which did not immediately respond to a request for comment.
Xebec, an industrial developer with properties in many key industrial markets, has one other Miami project in the works. Last year, it secured a $12 million loan to build a last-mile logistics facility in Miami’s Liberty City neighborhood, South Florida Business Journal reported. It also has three projects in Central Florida, as well as in New Jersey, California’s Inland Empire, Los Angeles and in its home base of Dallas.
Julia Echikson can be reached at jechikson@commercialobserver.com.
