Grandview sells recently built Medley warehouse for $42M
Air conditioning and heat pump manufacturer purchased 144K sf facility
Grandview Partners sold a recently completed warehouse in Medley for $42.3 million.
An affiliate of Doral-based Parker Davis HVAC International acquired Palmetto Logistics Center at 7290 Northwest 77th Court, records and Vizzda show. The deal breaks down to roughly $295 a square foot.
The seller, an affiliate of Greenwich, Connecticut-based Grandview, paid $13 million for the 8-acre site in 2022 and completed the 143,571-square-foot industrial building last year, records show.
Founded in 2000, Parker Davis HVAC is a national manufacturer of heat pumps and air conditioners. Grandview, led by CEO Raj Menon, is a commercial real estate development firm that has completed and owns 40 multifamily, industrial, hotel and office properties in Florida, Illinois, Maryland, Ohio, New Jersey and New York, according to the company’s website.
Medley, one of South Florida’s booming industrial submarkets, experienced a flurry of deals to close out 2023. The average asking rent for warehouses in Medley was $16.88 a square foot in the fourth quarter of last year, and the submarket’s vacancy rate was 4.3 percent, according to a recent Colliers report.
In the latest deal, a joint venture between Baltimore, Maryland-based ABR Capital, and Darien, Connecticut-based East Capital Partners paid $38.5 million for a mixed-use site made up of two office buildings and six industrial warehouses at 6801 Northwest 77 Avenue and 7601 and 7661 Northwest 68th Street.
Last month, the Easton Group, a Doral-based commercial real estate firm specializing in industrial properties, acquired a Medley distribution center leased to Frito-Lay at 12850 Northwest 113th Court. Easton paid $16.8 million. Also in December, Iowa-based Pella Windows & Doors purchased a Medley warehouse at 8401 and 8501 Northwest 90th Street for $45 million. The sale was part of Pella’s acquisition of Lawson Industries, a windows and doors maker headquartered in the industrial building.