Medley Parcel Fetches $3 Million

Mar 05, 2013 No Comments by

CBRE arranged the sale of the Kipp Crane parcel at 11320 NW 112th Court in Medley, near the Florida Turnpike.

The asset was acquired from the Kipp family by MCI Express for $2.96 million.

“Land transactions have been predominately led by developers over the past few years.  However, because banks are starting to ease on their underwriting, many users — as in this case — are seeking property purchases for their own use and/or for development,” said Devin White, Vice President of CBRE Industrial Properties, who represented the seller in the transaction.

The 4.82 acre property was purchased by the tenant who had leased the property for more than two years. The largely vacant parcel, with a small warehouse/office facility, will serve as a trucking terminal with staff offices and additional land for trailer storage.

CBRE’s team of Devin White, David Albert, and Andrew Lehrer represented the seller. Vivo Group’s Carlos Velasquez and Tommy Gill represented the buyer.

 

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