MEDLEY, FL-Investor Joaquin Rionda has acquired the 102,000-sf Abro warehouse condominium building at 12860 NW 107th Court for $8.5 million. The seller was South Bend, IN-based Abro Industries.
Abro Industries was represented by Jay Ziv, of Colliers Abood Wood-Fay. The buyer was represented by Ernesto Casal, principal of Miami-based Capital Commercial Group.
The property was built in 2001 and is a class B warehouse distribution building. Abro Industries had converted it into three warehouse condominiums ranging in size from 26,544 sf to 37,900 sf.
In a Miami industrial market has been experiencing strong conditions in recent years, the Medley submarket has been particularly strong. According to a CB Richard Ellis Q2 Miami industrial market report, Medley was experiencing a 3.07% vacancy rate at the end of the quarter with 239,040 sf of total positive absorption year-to-date. There is currently 515,694 sf under construction with average asking rental rates of $8.39 per sf.
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