Medley 104 Industrial Center, a 263,188-square-foot Class A distribution building in Medley, to an Ares Management Fund.
CBRE represented the seller, Dallas-based Lincoln Property Company.
The terms of the transaction were not disclosed.
Located at 9400 NW 104th Street, the building is fully leased to three tenants: USPLY, PGT Industries, and Artefacto. It features 25-foot clearance height, 132-foot truck court depth, rear-load configuration with full circulation, 40 dock-high doors, three drive-in doors, and ESFR sprinklers.
The property has undergone a $7 million renovation, including converting the north side of the property to a truck court, replacing the dock doors and canopies for the existing truck bays on the north side, converting the south side of the building to a car parking lot, constructing three speculative offices, replacing the roof membrane, converting the sprinkler system to ESFR, upgrading the exterior building lighting, adding LED lighting in the warehouse, painting the entire building, and refurbishing existing generator.
“The significant capital investments made by the seller, combined with the conversion of the building from a single-tenant configuration to a highly functional multi-tenant configuration, resulted in a quick lease up. Given the attractive profile, this property received much interest from both institutional capital sources and offshore investors,” said Jose Lobón, Executive Vice President with CBRE Capital Markets.
“As the second largest industrial submarket in South Florida, Medley offers tenants exceptional access to South Florida’s most critical demand drivers, resulting in the lowest vacancy rate among all South Florida industrial submarkets,” added CBRE’s Royce Rose.