9000 NW 106th Street - Medley, FL

Date: June 2013
Address: 9000 NW 106 Street (area)
City: Medley
Sq. Ft: 85,000
Price: $59,850,000

Price Per Sq. Ft: $71
Year Built: 1979-1987
Buyer: Lincoln Property Company
Seller: TA Associates Realty

Transaction Details: Lincoln Property Company recently acquired an 850,000 sq. ft. industrial portfolio in Medley, FL.  This transaction has become Lincoln’s largest acquisition of Miami warehouse space to date.  TA Associates Realty, out of Boston, was the seller and had the group of warehouses on the market and was able to obtain $59,850,000 ($71 per sq. ft.) for the properties.

The Medley industrial park includes a group of 11 warehouses built between 1979 and 1987.  It is approximately 95% occupied and the current asking lease rates average about $6.75 per sq. ft.  B/E Aerospace and Eco Window Systems are two of the larger tenants in these warehouses.

Lincoln Property Company was founded in 1965. They currently manage commercial and residential properties, with a combined value of over $26 billion.