UPDATED, Aug. 15, 9:55 a.m.: Realterm Logistics just purchased an industrial site in Medley for nearly $10 million, property records show.
Realterm Logistics is an affiliate of the real estate private equity firm Realterm. The recent deal gives the company control of more than 10 acres of industrial land at 7500 Northwest 82nd Place, including a two-story, 28,000-square-foot warehouse.
The seller, Dones & Krissel Management, is led by Angel Dones and Richard Krissel. Dones is president of Southeastern Trailer & Container Repairs, which specializes in automotive repair.
The deal, which includes an adjacent 143,762-square-foot lot, breaks down to $20 per square foot for the land, and about $350 per square foot for the warehouse. Previous sales information is not available online.
Derek Fish, vice president of acquisitions, said in a statement that the site has “in-place income and numerous options for value creation via re-leasing or development of a high-flow-through facility.”
The development and property management firm is based in Annapolis, Maryland and specializes in acquiring logistics facilities serving the transportation industry. Last year, it paid $16 million for a warehouse in Boca Raton leased to FedEx Express.
South Florida’s industrial real estate market is strong, especially in the Hialeah, Airport/Doral and Medley submarkets. Last year, PriceSmart, a publicly traded warehouse chain and operator of membership warehouse clubs, paid $45.56 million for the site of its new Medley facility.
Gramercy Property Trust is also active in the market. It paid $18 million for a nearby warehouse in June 2017.