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Philadelphia Firm Pays $25.4M For Two Medley Properties

Affiliates of Philadelphia-based commercial real estate firm Alterra Property Group paid $25.4 million in two deals for neighboring properties in Medley, according to county records.

With the rapid growth in demand for e-commerce services and fast delivery, logistics companies need more space to park their trucks near their warehouses. Often, warehouses in Miami-Dade County don’t have enough parking for large trucks and fleets.

“Both sites are primarily used for truck parking and outdoor storage and the buyer will keep them for these uses,” said Roberto Susi of Axiom Capital Advisors, whose firm represented the buyer in the deals.

Nelson Varona of Your Commercial Realty Group represented the sellers.

In the bigger deal, Universal Concrete & Ready Mix Corp., managed by Juan Carlos Alvarez in Hialeah Gardens, sold the 7.3-acre site at 11800 N.W. South River Drive for $16.5 million to 11800 Medley Partners LLC, an affiliate of Alterra Property Group. It has a 13,254-square-foot industrial building that was constructed in 1972. The property last traded for $5.08 million in 2014, so it more than tripled in value.

In the other deal, Aee Land Development, managed by Alejandro Acosta in Medley, sold the 4-acre site at 11500 N.W. 118th Way for $8.9 million to 11500 Medley Partners LLC, also an affiliate of Alterra Property Group. It has a 4,176-square-foot industrial building built in 1974. The property previously sold for $3.2 million in 2018, so it also had a strong gain in value.

Alterra Property Group specializes in residential/mixed-use development and industrial outdoor storage.

 

Source: SFBJ

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