The Real Deal Miami

Clarion Partners buys new Medley warehouse: $18M

Crow Holdings Capital Real Estate paid $4M for the land in 2014

April 14, 2016 12:00PM
By Katherine Kallergis

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Turnpike Park

Turnpike Park

Clarion Partners has purchased a new warehouse in Medley for $18.15 million, records show.

An affiliate of Dallas, Texas-based Crow Holdings Capital Real Estate sold the roughly 136,500-square-foot industrial property at 11500 Northwest 123rd Street. The company paid $4 million for the nearly 7-acre plot in 2014 and completed the new warehouse last year.

Lit Limited Partnership, which is managed by Clarion’s Kristopher Arviso and ties back to the firm’s headquarters, is the buyer. Carlos Rainwater, part of Crow Holdings’ real estate investment committee, signed the deed transfer of ownership on behalf of the seller, CH-Realty VI-LPC I Miami Turnpike Park LLC.

A Loopnet listing shows Americas Industrial Realty Corporation is leasing the warehouse, called Turnpike Park. The Medley property offers units from 24,440 square feet, frontage and signage visible from the Florida Turnpike, and up to 1 dock per 3,000 square feet. It’s available for lease for $9.50 per square foot on an annual basis, according to the listing.

Clarion, also based in Dallas, is active in South Florida. In December, a company affiliate paid $117 million for the Marketplace at the Outlets in Palm Beach, and is a majority owner of the adjacent outlet shops.