Simi Capital added a fifth property to its South Florida industrial portfolio, paying $31 million for a Medley warehouse.
Based in New York and Bay Harbor Islands, Simi acquired an 80,000-square-foot facility at 8505 Northwest 74th Street, a press release states. The buyer is led by Andrew Skydell and Jacob Diamond.
The deal breaks down to $387 a square foot or $2.9 million per acre for the 10.5-acre site. Nearly 30 years ago, the seller paid $152,000 per acre, which shows how much industrial land prices have catapulted in Miami-Dade County.
Doral-based The Katsikos Group handled the off-market deal on behalf of Simi and the seller, Acosta Family Ltd Partnership. In 1998, Acosta Family paid $1.6 million for the property, records show. The building was completed in 1991.
Rene Vivo with Hialeah-based Vivo Real Estate represented the facility’s tenant, Iron Container, in negotiating a restructured 10-year lease with Simi Capital, the release states.
Medley is a thriving Miami-Dade industrial submarket. Simi Capital’s latest acquisition is next door to Palmetto 74 Logistics Center, a complex of four industrial buildings completed last year by Link Logistics, a subsidiary of New York-based investment giant Blackstone. In September, Link secured a $95 million loan for the site.
Also nearby is a warehouse acquired by New York-based BentallGreenOak for $60 million in November. The 403,496-square-foot facility is leased to food distribution company Quirch Foods through 2042, with two renewal options for 10 years each.
Simi, which owns industrial sites in eight states, is on a South Florida industrial buying spree. Last year, the firm picked up a 21,000-square-foot warehouse in Miami’s Little Haiti neighborhood for $6.3 million and an outdoor container yard in Riviera Beach for $4 million, records show. Simi also owns two more outdoor industrial storage yards in Miami-Dade County, according to the firm’s website.