Cofe Sells Office And Industrial Complex Near Medley For $39M

Cofe Properties sold a mixed-use complex near Medley for $38.5 million to a pair of out-of-state real estate investment firms.

An affiliate of Baltimore, Maryland-based ABR Capital, and Darien, Connecticut-based East Capital Partners acquired two four-story office buildings and six industrial warehouses, records and Vizzda show. Boise, Idaho-based A10 Capital provided the buyer with a $25.6 million mortgage.

The seller, an affiliate of Miami-based Cofe, paid $7.8 million for the 7.7-acre property at 6801 Northwest 77 Avenue and 7601 and 7661 Northwest 68th Street in 2017, records show. The eight buildings were completed in 1982.

Medley is one of the most active industrial submarkets in South Florida. Last month, the Doral-based Easton Group paid $16.8 million for a Medley distribution center used by Frito-Lay, which will temporarily remain a tenant at the building. Medley is also getting its first major residential project. Miami-Dade County last month approved a mixed-use project with 948 workforce housing apartments under Florida’s Live Local Act. Miami-based Resia is developing the four-building complex.

Led by co-founders David Archibald and Drew DeWitt, East Capital has invested $7.4 billion in commercial real estate, primarily in the eastern U.S., since the firm was established in 1997, according to the company’s website.

Source: The Real Deal