Duke Realty paid $35.7 million for a lumber yard in Medley where the Indianapolis-based company plans to construct warehouses.
Duke bought the 35.1-acre property at 10300 Northwest 121st Way in Medley from an affiliate of Universal Forest Products.
Duke plans to build distribution warehouses spanning 650,000 square feet on the Medley property. The property now has 452,109 square feet of industrial space for lumber storage and distribution. The South Florida Business Journal reported that Universal Forest Products, which occupies the property, will relocate its South Florida operations.
As rents for industrial space rise and vacant land becomes scarcer in Miami-Dade County, developers increasingly acquire properties for redevelopment as modern warehouses.
In last year’s third quarter, developers had 2.9 million square feet of industrial developments under construction in Miami-Dade, including nearly 360,000 square feet in the Medley area, according to a report by brokerage firm Colliers International.
Source: The Real Deal