CBRE Arranges Sale Of Light Distribution Warehouse In Medley
CBRE has executed the sale of Medley Light Industrial in Medley.
Located at 14001 NW 112th Avenue, the 24%-leased newly constructed warehouse was sold to TA Realty, a Boston-based institutional investor.
The seller, a joint venture between EverWest Real Estate Investors and TRX Investments, was exclusively represented by the CBRE Capital Markets team of Vice Chairman Christian Lee, Vice Chairman Chris Riley, and Executive Vice President José Lobón.
“The marketing effort for this asset created one of the most highly-contested industrial offerings thus far in 2021,” said Lobón, Executive Vice President with CBRE Capital Markets. “Interest was drawn from the full spectrum of the capital markets – from the large Pension Fund Advisors and Institutions, to Private Equity Funds and Local Operators.”
Medley Light Industrial features best-in-class specifications including 32’ clear height, rear loading with ample dock-high doors, 120’ truck court depths, ESFR sprinklers, and 8% overall office finish.
“78% of industrial lease deals executed in South Florida over the last 2 years have been for suites less than 20,000 square feet,” said Lobón. “With shallow 9,000-square-foot bays, the property attracts the largest pool of tenants looking for space in South Florida.”
The CBRE Capital Markets team also included Senior Vice President Amy Julian, with CBRE’s Debt & Structured Finance, and Financial Analyst Royce Rose. The sales team was assisted by the Miami-based CBRE Industrial Leasing team of Devin White and David Albert.
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