Blackstone buys 9-acre industrial site in Medley

The site in the industrial area was purchased for $818K per acre

Miami /
Jul.July 09, 2019 10:30 AM
Stephen A. Schwarzman and 8482 Northwest 96th Street (Credit: Google Maps)

Stephen A. Schwarzman and 8482 Northwest 96th Street (Credit: Google Maps)

A Blackstone affiliate bought two industrial vacant lots in Medley for $7.2 million.

Link Industrial Properties, an affiliate of Blackstone, bought the 8.8-acre site for $818,181 per acre. The seller is Medley Auto Parts, which is managed by Jorge Seoane of Hialeah, Ana Maria Seoane-Garcia of Davie, and Yolanda Orihuela Cruz and Renier Cruz of Coral Gables.

The properties don’t have an exact address but sit adjacent to 9700 Northwest South River Drive, a used car parts facility.

Link Industrial Properties was part of industrial real estate investment trust Gramercy Property Trust, which was acquired by the Blackstone Group in 2018 for $7.6 billion.

At the time, Gramercy owned 81 million square feet of real estate, mostly single-tenant industrial buildings. It had holdings across the country, including in New York, New Jersey, South Florida, Los Angeles and Chicago.

Medley is west of Hialeah and sits on the far western edge Miami-Dade County. The town of Medley has a heavy concentration of industrial properties and warehouses.

Just last week, Honeywell International sold an industrial building in Medley for $5.2 million to a company tied to South Florida real estate investor Leo Ghitis.


Related Articles

arrow_forward_ios
Alterra Property Group's Leo Addimando and 1645 Northwest 33rd Street in Pompano Beach (Google Maps, Alterra Property Group)
Philly firm pays $14M for Pompano Beach warehouse
Philly firm pays $14M for Pompano Beach warehouse
Vertical's Curt Mastbergen with Medley freezer facility (Vertical Cold Storage, LoopNet)
Vertical Cold Storage buys Medley freezer facility for $66M
Vertical Cold Storage buys Medley freezer facility for $66M
Seagis' Bradlee Lord with 10900 Northwest 138th Street (Seagis Property Group, iStock)
Seagis doubles down in Medley, paying $24M for two industrial facilities
Seagis doubles down in Medley, paying $24M for two industrial facilities
Woodmont Properties chairman Donald Witmondt and ceo Eric Witmondt (Woodmont properties, Loopnet)
Woodmont beefs up Palm Beach Park of Commerce portfolio with $21M warehouse deal
Woodmont beefs up Palm Beach Park of Commerce portfolio with $21M warehouse deal
Bridge Industrial founder and CEO Steve Poulos and the development site at 4310 NW 215th Street (Bridge Industrial)
Bridge Industrial nabs $154M construction loan for Miami Gardens project
Bridge Industrial nabs $154M construction loan for Miami Gardens project
(iStock)
Insatiable demand and tightening supply pump up South Florida industrial rents
Insatiable demand and tightening supply pump up South Florida industrial rents
Barings Chairman and CEO Mike Freno, Arkadia managing principals Richard Kilstock and David Aaron and the industrial complex at 3850-3872 Northwest 126 Avenue in Coral Springs (Barings, Arkadia, LinkedIn, Google Maps)
Arkadia JV pays $31M for Coral Springs industrial complex
Arkadia JV pays $31M for Coral Springs industrial complex
Seagis Property Group's Bradlee Lord and 13399 Northwest 113th Avenue Road in Medley (Google Maps, Seagis)
Outdoor storage demand keeps on truckin’: Seagis pays $15M for trailer parking lot in Medley
Outdoor storage demand keeps on truckin’: Seagis pays $15M for trailer parking lot in Medley
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...