A 12-building industrial park in Medley sold for $241 million in one of the biggest warehouse deals of the year in South Florida.
Gateway Southeast Properties, care of Chicago-based asset manager DWS, sold the 1.06 million square feet of warehouses at 9200 and 9201 N.W. 97th Ter., 9180 to 9311 N.W. 100th St., 9165 to 9312 N.W. 101st St., and 9210 to 9324 N.W. 102nd St. The buyer was TA Medley Commerce Center LLC, an affiliate of Boston-based TA Realty.
José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller in the deal. The price equated to $227 per square foot.
The 12 buildings last traded for $36.9 million, so the industrial park increased in value more than six times over. That reflects the surge in warehouse leasing rates in Miami-Dade County over that time. Low occupancy rates have allowed landlords to raise rents.
CBRE said the industrial park was fully occupied by 46 tenants across a range of industries, including aviation, home design, third-party logistics and food distribution.