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Blackstone Group Affiliate Adds To Land Assemblage In Medley, Lines Up Property For Industrial Development

9800 NW 87th Ave

Fordome Investment Group, a real estate investment firm led by Kristopher Rodriguez, sold the 2.2-acre site at 9800 N.W. 87th Ave. for $3.3 million to GPT NW 87th Avenue Owner LLC, part of the industrial arm of Blackstone. It was used for automobile storage.

The property last traded for $675,000 in 2001, so Fordome made a nice profit on the deal.

Blackstone now controls about 18.05 acres in the area, which is just west of U.S. 27. It paid $7.2 million in June for 8.85 acres at the northeast corner of Northwest 96th Street and Northwest 87th Avenue. It also owns seven acres at 9800 N.W. South River Drive.

Clifton H. Coffey, the managing director for Southeast Investments at Blackstone affiliate Link Industrial Properties, declined to comment on its plans for Medley.

Fordome’s Rodriguez noted the 18.05-acre area is zoned for up to 785,000 square feet of industrial space and up to 65 feet of height.

“It is my understanding that they plan to build Class-A warehouse on this location — a decision which is likely driven by the rise of E-commerce, major expansion of 87th Avenue, and the high demand for Industrial properties in South Florida,” Rodriguez said.

There’s been rapid growth of the industrial sector in northwest Miami-Dade County as it’s one of the new places in the county with available land for new warehouses.

Meanwhile, Rodriguez said Fordome will use the proceeds from the sale to purchase multifamily properties across South Florida.

 

Source:  SFBJ