JPMorgan Chase Bank awarded a $12.43 million mortgage to build a 181,420-square-foot distribution center in Medley.
The mortgage was granted to Ridge Medley Partners I, an affiliate of Chicago-based Ridge Development, the industrial property arm of Transwestern Development Co.
The project is called the Airport North Logistics Center. It will feature 32-foot clear ceiling heights, a building depth of 235 feet, 72 trailer drops and 46 dock-high doors.
Ridge Development purchased the 9.75-acre site at 9001, 9051 and 9101 N.W. 87th Ave for $5.3 million in July. It’s expected to complete the building in summer 2016.
There’s a wave of industrial development in South Florida, especially northwest Miami-Dade County, to serve the increase in shipping and the storage needs of the retail and construction industries.
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