In one of the largest South Florida industrial deals of the year, TA Realty picked up 12 warehouses in Medley for $241 million.
An affiliate of the Boston-based real estate investment firm paid $241 million for a 1-million-square-foot industrial park at 9701-9793 Northwest 91st Court, according to the real estate database Vizzda and property records. TA Realty, led by Managing Partner James Buckingham, paid $241 per square foot for the buildings.
A CBRE team led by José Lobón and Trey Barry represented the seller, an affiliate of DWS, a Chicago-based global asset manager.
In 1996, DWS bought the industrial assemblage for $36.8 million, records show. The buildings were completed between 1982 and 1988.
The industrial park is fully leased to 46 tenants, according to a press release. The property is near Miami International Airport, a submarket of the Miami-Dade industrial market where tenants are paying 24 percent above the average asking rent of $14.65 a square foot for the overall county, a CBRE report shows.
Across Miami-Dade, industrial asking rents soared 35 percent since the start of the pandemic, the report states. The county’s industrial vacancy rate also dropped significantly to 1.8 percent in the third quarter, compared to 4.5 percent during the same period last year.
This month, Lithia Motors, a Medford, Oregon-based national automotive company, paid $28.5 million for an industrial building in Doral. Miami Beach-based investor Laurent Groll also entered into the Doral industrial submarket with an $18.1 million purchase of two adjacent warehouses.
TA Realty is among the most active out-of-state real estate investment firms in South Florida. In May, the firm sold a Coral Gables office building for $24.7 million to an entity managed by Mexican real estate investors Benjamin Cojab and Eduardo Gildenson.
Last year, TA Realty paid $82.8 million for a Delray Beach apartment complex, and bought a Hialeah Gardens industrial complex for $25.8 million.