TA Realty Drops $241M for Fully Leased Industrial Park Outside Miami – Commercial Observer
In one of 2022’s largest industrial deals in South Florida, TA Realty paid $241 million for a 12-building industrial park in Medley, Fla., property records show.
The 1.06 million-square-foot complex is fully leased to 46 tenants from industries such as aviation and home improvement as well as third-party logistics operators and food distributors, according to CBRE, which represented the seller, DWS.
Operating as a last-mile facility, the industrial park, located at 9165 NW 101 Street along West Okeechobee Road, sits on the outskirts of Miami.
The sale equates to $227.2 per square foot. Brokers José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White represented DWS, which could not be reached for comment.
DWS, Deutsche Bank’s asset management arm, bought the property, built in 1985, for $36.9 million in 1996, according to records.
A representative for Boston-based TA Realty did not immediately respond to a request for comment.
Developers and investors are rushing into South Florida’s industrial market as leasing demand remains strong. The region nabbed 1.4 million square feet of positive net absorption during the third quarter of 2023, per data from Cushman & Wakefield.
In a controversial vote earlier this month, Miami-Dade commissioners approved a 5.9 million-square-foot industrial park outside of the county’s urban development border, overriding Mayor Daniella Levine Cava’s veto.
Julia Echikson can be reached at [email protected].
