Industrial Site In Medley Trades For $867K Per Acre

Feb 10, 2020 No Comments by

A vacant industrial site in Medley sold for $6.5 million, as investors scramble to find industrial sites in South Florida to build new warehouses.

Medley Enterprises, which is led by Joseph M. Jackson, sold the 7.5-acre property at 9501 Northwest 106th Street for $867,000 per acre. SWS Investments LLC, which is managed by Juan C. Alvarez, purchased the property.

Apex Capital Realty’s Freddy Diaz brokered the deal.

The vacant property sits next to the massive Flagler Station industrial development, a three-phase project developed by Florida East Coast Industries subsidiary Flagler Global Logistics.

Institutional giants like Blackstone and Brookfield Property Partners are increasingly buying up industrial properties in South Florida due to the rise of e-commerce. This push has caused industrial land prices to skyrocket as available land becomes more scarce.

In Miami-Dade County, industrial completions reached an all-time high in 2019, according to a recent report by Avison Young. Over 5.6 million square feet of industrial product was added to the market, growing local inventory by nearly 3 percent.


Source:  The Real Deal



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