Honeywell warehouse in Medley sells for $8M

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

TRD 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.


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