Medley Area Small-Bay Warehouses Sells For Big Gain

A small-bay warehouse and storage property near Medley sold for $17.5 million.

Natasha’s Canal Co. LLC, managed by Anthony Askowitz in Miami, sold the 85,138-square-foot industrial complex with eight narrow buildings at 7401 N.W. 68th St. to Miami Palmetto Storage Property LLC. The buyer is a Delaware-registered company with the same Darien, Connecticut address as East Capital, a frequent investor in industrial property nationwide. The price equated to $206 per square foot.

The property last traded for $2.97 million in 2009. However, property records indicate a new roof was installed in 2023, so that certainly increased its value. Still, industrial rents have spiked in recent years.

The warehouses were developed on the 3.96-acre site in 1973. They are near the Palmetto Expressway.

Source: SFBJ