BentallGreenOak Pays $60M For Medley Warehouse With Locked-In Tenant

BentallGreenOak paid $60 million for a Medley warehouse with a tenant locked in for the next two decades.

An affiliate of BentallGreenOak, a New York-based real estate investment firm led by co-CEOs Sonny Kalsi and John Carrafiell, bought a cold storage facility at 7600 Northwest 82nd Place, records and real estate database Vizzda show. Food distribution company Quirch Foods has a lease signed through 2042 with two renewal options for 10 years each.

The deal breaks down to $337 per square foot for the 176,699-square-foot building completed in 2021. A JLL team led by Luis Castillo and Cody Brais brokered the deal. The seller, a Truist Securities affiliate, paid $59.4 million for the 15-acre site in 2022, records show.

BentallGreenOak, the investment arm of Sun Life Financial, has $85 billion in commercial real estate assets under management, according to the firm’s website. Recently, BentallGreenOak partnered with Coconut Creek-based Butters Group to develop a 2.2 million-square-foot business park on 284 acres in Fort Myers. The joint venture is expecting to complete the first phase, seven buildings consisting of 740,000 square feet, by the end of this year, a press release states.

In 2022, BentallGreenOak and East End Capital sold an office building with ground-floor retail and a garage in Miami Beach for $52.3 million.

Miami-Dade County’s industrial market showed signs of softness in the third quarter, according to a Colliers report. The average asking rent dipped to $16.42 a square foot, compared to $17.16 a square foot during the same period of last year. The vacancy rate also rose to 4.9 percent in the third quarter, compared to 2.6 percent during the same period of last year.

Still, deal flow remains at a brisk pace. Last month, New York-based investment firm Brookfield Asset Management sold a Miami Lakes warehouse for $38.2 million to auto dealers Ali and Faisal Ahmed. The Ahmeds paid $16 million above the previous sale price four years ago.

Also in October, Chicago-based Bridge Industrial bought a 15.7-acre business park in Doral for $45.4 million.

Source: The Real Deal