CBRE Arranges Sale of 263,188-SF Warehouse in Medley, FL
19 Apr 2022
CBRE has arranged the sale of Medley 104 Industrial Center, a 263,188-square-foot Class A distribution building in Medley, Fla., to an Ares Management fund. The terms of the transaction were not disclosed.
José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White with CBRE represented the seller, Dallas-based Lincoln Property Company.
Located at 9400 NW 104th Street, the building is fully leased to three tenants: USPLY, PGT Industries, and Artefacto. It features 25-foot clearance height, 132-foot truck court depth, rear-load configuration with full circulation, 40 dock-high doors, three drive-in doors, and ESFR sprinklers.
The property has undergone a $7 million renovation, including converting the north side of the property to a truck court, replacing the dock doors and canopies for the existing truck bays on the north side, converting the south side of the building to a car parking lot, constructing three speculative offices, replacing the roof membrane, converting the sprinkler system to ESFR, upgrading the exterior building lighting, adding LED lighting in the warehouse, painting the entire building, and refurbishing existing generator.
“The significant capital investments made by the seller, combined with the conversion of the building from a single-tenant configuration to a highly functional multi-tenant configuration, resulted in a quick lease up. Given the attractive profile, this property received much interest from both institutional capital sources and offshore investors,” said Jose Lobón, Executive Vice President with CBRE Capital Markets.
“As the second largest industrial submarket in South Florida, Medley offers tenants exceptional access to South Florida’s most critical demand drivers, resulting in the lowest vacancy rate among all South Florida industrial submarkets,” added CBRE’s Royce Rose.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.