REIT Buys Medley Industrial Asset

MIAMI—The supply of industrial real estate for sale in Miami is low—and the demand is high. Investor demand is at a premium.

LMS Realty, LLC is taking advantage of the seller's market. LMS just sold a 50,000-square-foot warehouse property to publicly-traded REIT Terreno Realty Corp. The sale price is $5.1 million.

Jones Lang LaSalle managing director Steven Medwin, along with vice president Nick Wigoda, completed the transaction on behalf of the Miami-based seller. Terreno is based in San Francisco. The warehouse is currently occupied by CaribTrans, Inc., a Caribbean shipping company offering air and ocean freight services.

The industrial property located at 12600 NW 107th Ave. sits on 5.5 acres of land in Miami-Dade's Medley submarket. That's one of the key industrial hubs in South Florida where investors are acquiring and developing warehouses and business parks.

“The acquisition of this Medley warehouse asset is the latest example of the appetite we are seeing for prime industrial assets located in key markets throughout South Florida,” says Medwin. “We expect to continue to see national and international investors seeking opportunities to acquire and build industrial properties in the region as the demand continues to exceed the available supply.”

Miami's position as the gateway to and from Latin America and the Caribbean, coupled with increasing trade activity with Europe and Asia, has led institutional-grade owners to make significant long-term investments in the area. Miami broke into the top 10 customs districts in the U.S. in 2012, with a record $124.73 billion in trade volume being routed through the area.

For their part, Medwin and Wigoda have represented large institutional owners as well as family-owned businesses. Most recently, the team represented buyer, Royal Wine Corp, in the purchase of a $3.3 million industrial building consisting of 50,000 square feet at 8265 Northwest 70th St. in Miami.