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Lender sells foreclosed aviation maintenance site in Medley for $20M
Previous owner Odyssey Engines went belly up and owed nearly $55M in foreclosure judgment
UPDATED, July 12, 3:30 p.m.: Synovus Bank sold a foreclosed, defunct aviation maintenance facility in Medley to Terreno Realty for $20 million.
An affiliate of Terreno, a publicly traded, San Francisco-based real estate investment firm led by co-founder, Chairman and CEO W. Blake Baird, bought the 6.7-acre industrial property at 8050 Northwest 90th Street, records show. The site includes a 55,000-square-foot warehouse completed in 1981.
A Transwestern Real Estate Services team led by Ben Eisenberg and Carlos Gaviria represented Terreno in the off-market deal, according to a press release. Terreno also retained Transwestern to market the vacant property for lease.
The seller, Synovus Bank, paid $3 million for the site in a foreclosure sale in November, records show. A month earlier, the financial institution won a final judgment against the previous owner, an affiliate of Odyssey Engines, for $54.9 million, including interest, court costs and attorney fees, court records show. In 2020, Synovus sued the Odyssey affiliate and four other related companies for defaulting on five loans secured by the property, as well as a forbearance agreement.
Odyssey Engines, led by principals Joel Plasco and David Boyer, was an aviation maintenance and repair company that went belly up and liquidated its assets after its Chapter 11 bankruptcy petition failed last year, court records show.
Founded in 2009, Terreno focuses on acquiring industrial properties in Miami, Los Angeles, New York City, San Francisco, Seattle and Washington D.C., the release states. In February, the firm paid $73.2 million for two new warehouses at Countyline Corporate Park in Hialeah. Terreno also owns two other warehouses at Countyline that the company acquired for $50 million last year.
As demand for warehouse space remains sky-high across South Florida, institutional investors are zeroing in on Medley where they are finding properties with ample room for new development. Recently, Miami-based Basis Industrial paid $37.5 million for a mixed-use facility in Medley where the firm plans to add a 125,000-square-foot self-storage facility on a parking lot.
In May, Conshohocken, Pennsylvania-based Seagis Property Group paid about $23.7 million for two adjacent industrial buildings in Medley. Seagis plans on redeveloping one of the warehouses into a larger industrial facility.