The Real Deal Miami

Private REIT picks up nearly 10 acres in Medley

Ridge Property Trust develops and invests in corporate real estate

July 21, 2015 09:45AM
By Katherine Kallergis

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Medley site, Roger Langer Jr. and Roger E. Langer, and James Martell, chaiman and CEO of Ridge Property Trust

Medley site, Roger Langer Jr. and Roger E. Langer, and James Martell, chaiman and CEO of Ridge Property Trust.

Updated 2:30 p.m., July 22: A Chicago-based real estate investment trust paid $5.3 million for vacant land in Medley and will develop the property into a spec distribution warehouse, The Real Deal has learned. 

Ben Eisenberg and Walter Byrd

Ben Eisenberg and Walter Byrd

Langer Holdings Corp. sold the 9.75-acre property to Ridge Medley Partners I, an affiliate of Ridge Property Trust. Ridge develops and invests in corporate real estate, specializing in warehouse, distribution and manufacturing facilities in California, Illinois, Arizona, Texas, Mexico and Florida, according to the firm’s website.

The site, at 9001 Northwest 87 Avenue, last sold for $3 million in January 2009, according to Miami-Dade property records. It’s adjacent to a 14-acre industrial park owned by Lawson Industries, which was developed in 1999. 

Transwestern’s Walter Byrd, Ben Eisenberg, John Vaught and Thomas Kresse represented Ridge Development in acquiring the land and have been retained to lease the property, according to a press release.

The planned 182,057-square-foot spec distribution warehouse will include 32-feet clear ceilings, a 60-feet speed bay, two access points, 72 trailer drops, 46 dock-high doors and two street dock ramps. It’s slated for completion next summer.

“Demand for sites with the ability to stage trailers and containers on-site in a secure environment is increasing as land sites are absorbed and security requirements of users and U.S. Customs intensify,” Byrd said in a statement. “Airport North Logistics Center’s exceptional access to the Palmetto Expressway, Okeechobee Road and the Florida Turnpike will be enhanced once the NW 87th Avenue extension is completed.”

Medley, in western Miami-Dade, is known for its industrial development. The city reported the lowest industrial vacancy rates in the county, 3.7 percent, for the second quarter of this year.

The seller is tied to Roger Langer, Rodney Langer and Roger Langer Jr. of Langer Electric Service Co., a Fort Lauderdale-based contractor.