MIAMI—In the largest industrial trade in Miami for more than a year, an 11-building portfolio in Medley has changed hands. The price was $59.85 million, or $71 per square foot.
Working with the leasing team of Americas Industrial Realty Corporation, CBRE represented the seller in the trade of Medley West, a 846,651-square-foot industrial park located at 9000 NW 106th Street in Medley, FL. Chicago-based Lincoln Property Company purchased the industrial portfolio for or $71 per square foot.
Medley West is located in the Medley submarket, where CBRE Research reported 4.2% industrial vacancy in the first quarter 2013. That's about 140 basis points below the industrial market average for Miami-Dade County. Medley West was 94.6% occupied at the time of the sale.
“Miami-Dade County industrial continues to draw significant investor demand, particularly well-located and functional industrial product such as Medley West,” says Christian Lee, vice chairman with CBRE's Capital Markets Institutional Group. “This was a rare and unique opportunity to acquire a critical mass of product in one of the nation's most dynamic and robust industrial markets.”
Built between 1979 and 1987, Medley West features functional design specifications and strategic access to major thoroughfares including the adjacent Okeechobee Road, the Florida Turnpike and the Palmetto Expressway. Of the 11 buildings, 10 are multi-tenant and one is a single tenant. The property's front-loaded and cross dock buildings have 20-foot to 24-foot clear span heights and Florida East Coast rail access.
Medley has a strong manufacturing base. The city's three largest tenants include B/E Aerospace (141,074 square feet), Eco Window Systems (70,800 square feet), and Konie Cups International (44,390 square feet).
The Miami-based CBRE team representing the seller also 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.
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