Medley Commerce Heart. Picture courtesy of CBRE
TA Realty has acquired Medley Commerce Heart, a 1 million-square-foot industrial park in Medley, Fla. Based on CommercialEdge data, LACERA bought the asset for $241 million or $227 per sq. foot, marking one in every of South Florida’s largest warehouse transactions this 12 months. The property had beforehand modified palms for $36.9 million in 1996.
The identical information supplier reveals that 6.7 million sq. ft of commercial area have traded throughout metro Miami because the starting of the 12 months, at a median $207.35 per sq. foot. On a nationwide degree, the sale value clocked in at $128 per sq. foot year-to-date as of October, based on a current CommercialEdge report.
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The warehouses of Medley Commerce Heart are positioned at 9200 and 9201 NW 97th Terrace, 9180 to 9311 NW a hundredth St., 9165 to 9312 NW one hundred and first St., and 9210 to 9324 NW 102nd St. The 12-building industrial asset was totally leased on the time of sale by 46 tenants throughout a spread of industries corresponding to residence design, meals distribution, third-party logistics and aviation markets.
The property has entry to main highways such because the Palmetto Expressway, Interstate 75 and the Florida Turnpike by means of the adjoining U.S. Route 27. Miami Worldwide Airport is a few 12 miles southeast.
CBRE’s José Lobón, Trey Barry, Royce Rose, Frank Fallon and Devin White represented the vendor.
TA Realty on a roll
Boston-based TA Realty has been making a number of industrial acquisitions throughout the nation all year long, specializing in main markets in Florida, California and Texas. The corporate just lately acquired two services within the Inland Empire, totaling some 394,000 sq. ft, for $133.5 million.
The Inland Empire deal got here on the heels of one other California industrial purchase. The corporate had closed the $90.5 million buy of a 414,107-square-foot industrial campus in Fairfield the week earlier than.
