Wells Fargo provided a $133 million refinancing package for Dolphin Commerce Center, a 37-acre industrial campus near the edge of Miami-Dade County, Commercial Observer reported based on property records. The borrower is Irvine, California-based LBA Realty, which bought the property in 2022.
The bank structured the financing by increasing an existing 2022 loan by $83 million. The prior note carried $50 million of outstanding debt at the time of the transaction, according to mortgage documents cited by Commercial Observer.
What happened
Dolphin Commerce Center includes 709,480 square feet across five warehouses between 11200 and 11698 Northwest 25th Street in Sweetwater. The site sits about a mile north of the Dolphin Mall, east of the Florida Turnpike, near the border with Everglades National Park. Constructed in the late 1990s, the industrial campus features clear heights ranging between 24 and 28 feet.
About 36,000 square feet of warehouse space remains available, based on a listing on the website of LBA Realty. The owner purchased the campus in 2022 for $198 million. In addition to this asset, LBA Realty owns one other industrial property in South Florida, a 37,909-square-foot warehouse in Weston acquired for $9 million in 2020.
What it changes for a closing
The transaction illustrates the closing workflow required when a lender modifies and upsizes an active debt facility rather than replacing it with an entirely new mortgage. Wells Fargo expanded the financing from $50 million in remaining debt to $133 million, adding $83 million to the balance recorded in 2022. For deal counsel and title officers, this structure requires drafting and recording mortgage modifications that preserve senior lien priority across the 37-acre footprint.
Closings on multi-structure industrial parks also require title and survey coordination across multiple physical addresses. With five warehouses totaling 709,480 square feet, the closing team must align legal descriptions, verify utility and access easements across the parcel, and review existing tenant leases against the 36,000 square feet of remaining available space.