Pella buys Medley warehouse for $45M
270K sf facility sold for $167 psf
Pella Windows & Doors paid $45 million for a warehouse in Medley, as part of the acquisition of another manufacturer.
An affiliate of Pella, a national windows and doors maker based in Pella, Iowa, purchased the roughly 270,000-square-foot industrial building at 8401 and 8501 Northwest 90th Street, records and Vizzda show. It’s occupied by the seller, Lawson Industries, and has served as its headquarters.
The deal breaks down to about $167 a square foot.
In November, Pella acquired Lawson, an aluminum doors and windows manufacturing company with 300 employees that provides its services across Florida, a press release states. Lawson bought the property for $2.5 million in 1999, and completed the warehouse the same year, records show.
Led by CEO Tim Yaggi, Pella has manufacturing plants in 20 states with more than 11,000 employees, according to the company’s website.
Demand for industrial properties remains high, as investors are competing against end-users for warehouses and logistics facilities across south Florida. Last month, Coconut Creek-based Butters Group and partner Arvinder Bajaj sold a recently completed warehouse in Plantation. The buyer, an entity managed by David Rabbani, paid $29.8 million for the property. Rabbani, president of Dania Beach-based Hallandale Pharmacy, intends to use the 102.913-square-foot industrial building for his medical business.
In October, Idaho-based building materials company Boise Cascade bought a flex-industrial property in West Palm Beach for $31 million. Boise Cascade plans to use the facility as a distribution center.
The same month, Philadelphia-based Arden Logistics Park scooped up three industrial buildings spanning 195,500 square feet on 1.1 acres in West Palm Beach. Arden paid $43 million for the buildings.
In Tamarac, real estate investment trust Strategic Storage Growth Trust III paid $19.5 million for an industrial facility. The five-story self-storage building with 760 units and 20 parking spaces was completed this year. Developers Blue Vista Capital Management and SouthWestern Property sold the building.