Honeywell warehouse in Medley sells for $8M

Seller Leo Ghitis bought the warehouse for $5M last year

Miami /
Oct.October 16, 2020 02:30 PM
Alejandro Velez, CEO of Midtown and 9315 Northwest 112 Avenue, Medley (Credit: Google Maps)

Alejandro Velez, CEO of Midtown and 9315 Northwest 112 Avenue, Medley (Credit: Google Maps)

South Florida real estate investor Leo Ghitis sold a warehouse near Medley for $7.5 million.

Ghitis sold the nearly 50,000-square-foot building at 9315 Northwest 112 Avenue on 3 acres of land inside Flagler Station Industrial Park, according to records. The price equates to about $152 a square foot.

The buyers are entities that share an address with Midtown Capital Partners, a Miami-based real estate investment and asset management firm led by Alejandro Velez.

Ghitis bought the building for $5.2 million last year from Honeywell, the Fortune 100 company best known for its thermostats, sensors and security systems. The company continues to lease some office and warehouse space at the building, constructed in 2002, records show.

CBRE had the listing. Its online listing for the property had an asking price of $8.5 million, or $172 a square foot. Honeywell pays base rent plus their pro rata share of the operating expenses, according to the listing. Rent for 36,000 square feet of open space is $12.95 a square foot a year.

In 2019, Ghitis sold a seven-story Class A office building in Fort Lauderdale’s Cypress Creek market for $24.1 million. In 2017, he bought a vacant industrial warehouse at the Weston Park of Commerce for $8.1 million.

Ghitis is also part of the joint venture developing a lakefront apartment complex called EDEN Crystal Lake in Port Orange, a city just south of Daytona Beach.

In 2018, Midtown Capital Partners bought Downtown Dadeland for $78.2 million, one of the biggest retail deals of that year. That same year, Midtown Capital Partners paid $14.75 million for a Coral Gables office building as part of a sale-leaseback deal.

In 2017, Midtown Capital Partners bought Pembroke Pointe 880, a 144,000-square-foot office building at 880 Southwest 145th Avenue, for $42 million. That same year, Midtown Capital bought a portion of an office park in Plantation for $56.6 million.

Among other recent industrial deals in Miami-Dade County, a 3.7-acre site at 13391 West Okeechobee Road sold for $5.1 million earlier this month. In August, The founder of a high-performance saltwater fishing boat manufacturer sold three warehouses in Opa-locka for $11.4 million.


Related Articles

arrow_forward_ios
Truist Securities' John Gregg with 7600 Northwest 82nd Place (Truist Securities, JLL)
Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site
Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site
Realterm Logistics CEO Robert Fordi and the vacant lot at the intersection of northwest 104th Street and northwest 95th Avenue (Realterm, Ferreira Construction)
Medley industrial site trades for 4x its 2017 price
Medley industrial site trades for 4x its 2017 price
Bridge Industrial's Steve Poulos and Kevin Carroll with 2200 Northeast Seventh Avenue (Bridge Industrial)
Bridge Industrial nabs $28M construction loan for facility near Ft Lauderdale airport
Bridge Industrial nabs $28M construction loan for facility near Ft Lauderdale airport
7070 Northeast Third Avenue, Fort Lauderdale; Asana Partners' Terry Brown, Sam Judd and Jason Tompkins (Felipe Calderon, Asana Partners)
Asana buys office, industrial properties in Fort Lauderdale’s Flagler Village
Asana buys office, industrial properties in Fort Lauderdale’s Flagler Village
Bridge Industrial CEO Steve Poulos and Bridge’s Kevin Carroll of Southeast Region of Bridge Industrial with a rendering of the the Bridge Point Doral industrial campus (Bridge)
Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project
Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project
Bridge Industrial’s Steve Poulos and an aerial of the development site, south of the airport in unincorporated Miami-Dade County (Bridge Industrial, Illustration by The Real Deal with Getty Images)
Bridge Industrial pays $16M for logistics facility dev site near Miami-Opa locka airport
Bridge Industrial pays $16M for logistics facility dev site near Miami-Opa locka airport
Terreno Realty's W. Blake Baird with 8050 Northwest 90th Street (LinkedIn, Google Maps)
Lender sells foreclosed aviation maintenance site in Medley for $20M
Lender sells foreclosed aviation maintenance site in Medley for $20M
Miami City Self Storage's Steve Garchik, Jay Massirman and Megacenter Palmetto at 8600 Northwest South River Drive in Medley (Miami City Self Storage, Google Maps, SJM Partners)
Miami self-storage firm buys Medley industrial site for $38M
Miami self-storage firm buys Medley industrial site for $38M
arrow_forward_ios

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

Loading...