MIAMI—The Medley East & Hialeah Gardens Industrial Parks, a portfolio comprising two industrial parks spanning 844,889 square feet across 15 manufacturing, warehouse and distribution buildings, has traded hands. The industrial portfolio sold for $48.75 million.
According to CBRE, the marks the largest industrial investment sale in Miami since June 2013. CBRE sold Medley West to Lincoln Property Company for $59.85 million. CBRE’s Capital Markets Institutional Group, in conjunction with the leasing team of Americas Industrial Realty Corporation, represented the seller.
“The Medley East & Hialeah Gardens portfolios represent some of the most functional institutional quality product within the in-fill submarkets in which they are located,” says Christian Lee, vice chairman with CBRE’s Capital Markets Institutional Group. “Tenant demand for functional well-located product such as this continues to be very strong, as evidenced by Miami’s 4.9% vacancy rate in Q3 2013, the second-lowest in the country.”
The industrial portfolio is strategically located at the intersection of the Palmetto Expressway and Okeechobee Road, at the heart of Miami-Dade County’s industrial infrastructural core. The portfolio is 94% leased to a diversified roster of 55 tenants.
Built between 1963 and 1998, the industrial portfolio features functional design specifications and superior access to major thoroughfares including the Okeechobee Road and the Palmetto Expressway. The industrial property’s front-loaded and cross-dock buildings have 16-foot to 24-foot clear span heights and Florida East Coast rail access. Of the 15 buildings, 14 are multi-tenant and one is a single tenant.
CBRE’s Debt & Equity Finance group also secured $36.5 million in acquisition financing for the buyer. Financing was provided by one of CBRE’s major life insurance company correspondent lenders. The lender originated the 10-year, fixed-rate loan representing a 75% loan-to-value ratio.
In addition to Lee, the Miami-based CBRE team representing the seller included: Chris Riley, vice chairman with CBRE’s Atlanta Investment Properties Institutional Group; Brian Budnick, senior vice president with CBRE’s Atlanta Investment Properties Group; and José Antonio Lobón, an associate with CBRE’s Capital Markets Institutional Group. Charles Foschini, vice chairman with CBRE’s Debt & Equity Finance group in Miami, arranged financing on behalf of the buyer.