Medley Industrial Portfolio Sells For $60 Million

CBRE, in conjunction with Americas Industrial Realty Corporation, arranged the sale of Medley West, a 846,651-square-foot industrial park located at 9000 NW 106th Street in Medley.
The sale represents the largest industrial trade in Miami for more than a year.
Lincoln Property Company, based in Chicago, purchased the industrial portfolio for $59,850,000, or $71 per square foot. CBRE’s Capital Markets Institutional Group and Americas Industrial Realty Corporation represented the seller.
Medley West is located in the Medley submarket, where CBRE Research reported 4.2% industrial vacancy in Q1 2013, approximately 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,” said 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 superior access to major thoroughfares including the Okeechobee Road (adjacent), the Florida Turnpike and the Palmetto Expressway. The property’s front-loaded and cross dock buildings have 20′ to 24′ clear span heights and Florida East Coast (FEC) rail access. Of the 11 buildings, 10 are multi-tenant and one is a single tenant. Medley has a strong manufacturing base; its three largest tenants include B/E Aerospace (141,074 square feet), a manufacturer of aircraft interiors; Eco Window Systems (70,800 square feet), maker of hurricane-impact glass; and Konie Cups International (44,390 square feet), a maker of paper cups.