TA Realty Pays $241M for Miami Industrial Park
LACERA sold the 12-building asset in one of South Florida's largest warehouse transactions this year.
TA Realty has acquired Medley Commerce Center, a 1 million-square-foot industrial park in Medley, Fla. According to CommercialEdge information, LACERA sold the asset for $241 million or $227 per square foot, marking one of South Florida’s largest warehouse transactions this year. The property had previously changed hands for $36.9 million in 1996.
The same data provider shows that 6.7 million square feet of industrial space have traded across metro Miami since the beginning of the year, at an average $207.35 per square foot. On a national level, the sale price clocked in at $128 per square foot year-to-date as of October, according to a recent CommercialEdge report.
The warehouses of Medley Commerce Center are located at 9200 and 9201 NW 97th Terrace, 9180 to 9311 NW 100th St., 9165 to 9312 NW 101st St., and 9210 to 9324 NW 102nd St. The 12-building industrial asset was fully leased at the time of sale by 46 tenants across a range of industries such as home design, food distribution, third-party logistics and aviation markets.
The property has access to major highways such as the Palmetto Expressway, Interstate 75 and the Florida Turnpike through the adjacent U.S. Route 27. Miami International Airport is some 12 miles southeast.
CBRE’s José Lobón, Trey Barry, Royce Rose, Frank Fallon and Devin White represented the seller.
TA Realty on a roll
Boston-based TA Realty has been making several industrial acquisitions across the nation throughout the year, focusing on major markets in Florida, California and Texas. The company recently acquired two facilities in the Inland Empire, totaling some 394,000 square feet, for $133.5 million.
The Inland Empire deal came on the heels of another California industrial buy. The company had closed the $90.5 million purchase of a 414,107-square-foot industrial campus in Fairfield the week before.