A Miami-based investment firm has paid $86 million for a 14-property industrial portfolio in Doral, a near-record price per square foot that closes out five decades of ownership by a single South Florida family. Midtown Capital Partners bought the roughly 300,000-square-foot cluster of small-bay warehouses along Northwest 54th Street, Northwest 56th Street, Northwest 79th Avenue and Northwest 82nd Avenue, paying about $296 per square foot for buildings that local trade businesses have relied on for years.
The sale, first reported by The Real Deal, marks the end of the Waas family’s long run in Doral commercial real estate. Barbara Waas, Maxwell Waas, Martin Waas and Richard Waas developed all but one of the properties in the portfolio and managed them for decades, according to the outlet, and the family helped shape the city of Doral itself well before its 2003 incorporation. Martin Waas represented all 13 separate sellers in the transaction, the report notes.
Family patriarch Max Waas, who co-founded Waas Realty in 1972 alongside his wife Barbara and son Martin, died in July 2025 at age 97, according to an obituary published by Dignity Memorial. Max and son Richard later launched Waas Construction in 1973, building out the same small-bay footprint the family would manage in Doral for the next half-century.
Why Small-Bay Warehouses Command a Premium
Midtown Capital Managing Director Zach Fox described the acquisition as exactly the kind of well-located, difficult-to-replicate small-bay industrial product the firm seeks, per the same account from The Real Deal. Those buildings, which typically offer multi-tenant units between 600 and 2,500 square feet, primarily serve local service trade businesses such as auto mechanics, electrical contractors and home improvement suppliers that need functional space without heavy corporate overhead, according to Waas Realty…