Private equity firm Grandview Partners plans to build a spec warehouse near Medley in northwest Miami-Dade County after buying a property for $13 million. The property last traded for $5.5 million in 2018.
Medley RE Holdings LLC sold the vacant site of 7.95 acres at 7290 N.W. 77th Court to WGC 7290 Property LLC, an affiliate of Greenwich, Connecticut-based Grandview Partners.
Eric Freeman, a managing partner and co-founder of Grandview Partners, said this deal fits with its strategy of developing industrial in markets with strong growth. He’s working on plans for a 143,000-square-foot warehouse with 32-foot clear height.
Freeman said he’s working with Fort Lauderdale-based Miller Construction for the project. He has yet to hire a leasing broker. He anticipates the development entitlement process will take six to 12 months.