JLL Capital Markets closed the sale of Medley Palms Business Park, a fully leased, multi-tenant, light industrial facility totaling 44,000 square feet with significant trailer parking acreage in Miami.
JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995. Prologis, the global leader in logistics real estate, acquired the asset and has also engaged a JLL Industrial Brokerage team for potential future leasing services.
Situated on 8.6 acres at 9401 NW 106th St., Medley Palms Business Park is situated within the Medley Industrial submarket, Miami’s third largest, placing the property with easy access to key transportation infrastructure, including Interstates 75 and 95, Miami International Airport and the Port of Miami.
Medley Palms Business Park consists of a rear-load facility that features an 18-foot clear height, grade-level loading, 11 bays and office space, along with 5.5 acres of leased truck parking space.
According to JLL Research’s most recent Miami Industrial Insight report, the Miami Industrial market is showing no signs of slowing down as of the end of the third quarter. The Medley submarket is thriving with a vacancy rate at a low 3.9 percent, one of the lowest in Miami-Dade County.
The JLL Capital Markets and Industrial Brokerage team that represented the seller was led by Managing Director Luis Castillo, Director Cody Brais and Executive Managing Director Brian Smith.
“The Miami Industrial market is firing on all cylinders, and the opportunity to acquire a functional and well-positioned asset within it is rare,” Castillo said. “As such, Medley Palms was highly sought after by both institutional and private investors, as it presents immediate upside and long-term possibilities.”
“The growing logistics industry has not only created insatiable demand for traditional warehouse, but it has also fueled growth in the transportation industry, creating a need for truck terminals and trailer storage lots,” Brais added. “Industrial Service Provider facilities (ISPs) are essential to supply chain efficiencies, and we are seeing lots of capital move into this space.”
