Medley Industrial Building Trades For $16.35 Million

A 49,170-square-foot industrial property in Medley has sold for $16.35 million, reflecting continued demand for well-located, functional industrial space in Miami-Dade County—especially assets that are difficult to replicate in today’s market.

The property, located at 9315 NW 112th Avenue within Flagler Station, changed hands on February 27. The seller was Giti 9315 LLC, and the buyer was IAG Aero Group.

Elias G. Patsalos, CCIM, MSIRE, President/Broker with Agora Real Estate Group, represented both the buyer and seller in the transaction.

The sale works out to roughly $332 per square foot, underscoring the strength of investor and user appetite for specialized industrial product in Miami-Dade.

According to Patsalos, the seller originally acquired the property for $10.3 million in 2021 and was able to realize a substantial gain on the sale. That pricing growth reflects a broader shortage of Class A industrial properties in the 50,000-square-foot range across Miami-Dade County, where available inventory remains tight and competition for quality space continues.

What made this deal especially interesting was the building’s configuration. The asset includes roughly 20,000 square feet of office space across two floors, a layout that can present challenges for some industrial buyers seeking more traditional warehouse-heavy product. Adding another layer to the transaction, Honeywell currently occupies the upper office floor, approximately 10,000 square feet, on a short-term basis.

Even with that unusual office component, the building’s physical attributes helped it stand out. IAG Aero Group was viewed as an ideal fit for the property because of several specialized features, including 32-foot clear ceiling heights, a fully air-conditioned warehouse, and heavy power capacity—characteristics that are increasingly valuable for certain users with operational or technical requirements.

The sale highlights how Miami-Dade’s industrial market continues to reward properties with unique infrastructure and limited competition, even when the layout falls outside the standard distribution-box model. In a market where functional Class A space remains scarce, buyers are clearly willing to pay for assets that offer a combination of location, capability and near-term usability.