A 12-building industrial park in Medley sold for $241 million in one of the biggest warehouse deals of the year in South Florida.
Gateway Southeast Properties, care of Chicago-based asset manager DWS, sold the 1.06 million square feet of warehouses at 9200 and 9201 N.W. 97th Ter., 9180 to 9311 N.W. 100th St., 9165 to 9312 N.W. 101st St., and 9210 to 9324 N.W. 102nd St. The buyer was TA Medley Commerce Center LLC, an affiliate of Boston-based TA Realty.
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All through the pandemic, industrial properties have been among the most desired by commercial real estate investors. But in the current market environment, are industrial assets holding up just as well?
Following another bump in interest rates and continuing economic uncertainty, overall industrial deal volume in the U.S. fell 18 percent year-over-year in the third quarter, reports data providers MSCI Real Assets. But at $35.5 billion, that volume was still 48 percent above the quarterly average recorded between the third quarter of 2015 and 2019, which totaled roughly $23.9 billion.
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The Urban Development Boundary is set to expand by 379 acres near Homestead for industrial development after the Miami-Dade County Commission overrode a mayoral veto on Tuesday.
