Gramercy Property Trust buys warehouse in Medley for $18M

119k sf warehouse sold for about $151 psf

Jun.June 29, 2017 03:00 PM

7321 Northwest 75 Street Inset: Gordon F. DuGan, CEO of Gramercy Property Trust

UPDATED July 5, 6:10 p.m.: An affiliate of the New York City-based Gramercy Property Trust paid $18 million for a warehouse in Medley, records show.

The 119,000-square-foot warehouse at 7321 Northwest 75th Street sold for about $151 per square foot.

Property records show the seller, Venevision Studios LLC, an entity of the Coral Gables-based Cisneros Real Estate, paid $10 million for the warehouse in 2005. The seller, also known as Grupo Cisneros, is an international conglomerate of media entertainment, digital media, property investment, tourism development and consumer product companies. It was originally based in Venezuela. Cisneros Real Estate’s portfolio includes some beachfront residences and hotels in the Dominican Republic’s Bay of Samaná, according to its website.

Records show the warehouse sits on 4.4 acres and was built in 1971. The warehouse is next to Cisneros Media Distribution studios, Cisneros’ broadcast arm.

Demand for industrial space in the Airport West submarket is strong, brokers say, due to limited access to land and low vacancy rates. A first quarter report from Colliers International South Florida predicts about 2 million square feet of warehouse space will be delivered in Medley and Doral over the next two years.

Earlier this month, Dallas, Texas-based Lincoln Property Co. added the Miami International Logistics Center to its portfolio for $27.4 million – more than two times its last sale – and a warehouse at 6095 Northwest 72nd Avenue sold to a South Carolina-based trucking company for $8.45 million.

This isn’t the first time Gramercy buys property from a media company.

Last year, Gramercy purchased the building where the South Florida daily newspaper the Sun Sentinel keeps its printing press for $25.5 million. It was sold by Tribune Media, the newspaper’s landlord and former parent company of the Sun Sentinel’s owner, Tribune Publishing.

Correction: A previous version of this story had incorrect sizes for the property.

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