Honeywell International sold an industrial building in Medley for $5.2 million to a company tied to South Florida real estate investor Leo Ghitis.
Charlotte, North Carolina-based Honeywell sold the 49,333-square-foot building at 9315 Northwest 112 Avenue for $105 per square foot, records show. A company tied to Ghitis is the buyer, according to records.
The 3-acre site was last purchased for $947,500 in 2001. The building was built in 2002.
It is home to the offices of Honeywell Building Solutions, which provides services for energy efficiency and security in buildings and communities, according to its website. Honeywell is a Fortune 100 company best known for its thermostats, sensors and security systems.
The industrial market has been one of South Florida’s best performing asset classes in recent years. But a recent report indicates that the industrial market may be cooling down after years of rapid price appreciation.
In Miami-Dade County, vacancy rates for industrial properties rose to 4 percent in the first quarter, up 0.1 percent from the fourth quarter of 2018, according to a report by Colliers International South Florida. Rents decreased to $9.47 per square foot from $9.70 per square foot during the first quarter, due to an increase in warehouses being delivered, according to the report.