The Real Deal Miami

Gramercy Property Trust buys Medley industrial portfolio

New York company pays more than $17 million for nearly 30 acres
September 02, 2014 12:00PM

8100 Northwest 74th Street

8100 Northwest 74th Street

Companies tied to New York-based Gramercy Property Trust picked up nearly 30 acres of industrial property in Medley for more than $17 million.

The Gramercy companies acquired four properties from Ruben Artiles in two transactions recorded on Friday, according to Miami-Dade County records. The largest individual property involved totals 620,294 square feet at 8100 Northwest 74th Street. Small industrial buildings are located on three of the four parcels.

No financing was recorded.

Artiles owned three of the properties for 23 years before last week’s sale. The fourth was acquired by an Artiles-managed company in 1971. He paid about $3 million combined for the properties. — Eric Kalis