First Industrial Realty Trust (NYSE: FR) and partner Butters Construction & Development have purchased additional land for their business park in Medley with a $15.68 million deal.
The Lakeview Investment Land Trust No. 1, with Carlos C. Lopez as trustee, sold about 18.7 acres at 8731 N.W. 85th St. to PR First Park Miami V LLC, a partnership between Chicago-based First Industrial Realty Trust and Coconut Creek-based Butters. Property data firm Vizzda confirmed the size of the parcel sold, as the deal did not include the neighboring lake.
This property will be utilized for the fifth phase of First Park Miami.
First Industrial and Butters acquired 63.6 acres in Medley for $42.6 million in 2020 for the initial phase of First Park Miami, then paid $14.67 million in 2022 for another 20 acres. They broke ground on the first phase in late 2020.
First Park Miami was approved for 2.5 million square feet in 13 warehouses, and that includes the fifth phase on the land recently acquired. The fifth phase will consist of about 445,000 square feet of industrial space and should break ground soon, according to an official at Butters. The buildings in the earlier phases have all been completed.
The leasing brokers on First Park Miami are David Albert, Devin White and Andrew Fernandez of CBRE.