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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.
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Warehouses In The Sky: Multi-Level Projects Ramp Up

There was nowhere to go but up.

In 2016, Dov Hertz, the No. 2 person at Gary Barnett’s Extell Development, made a late-career leap and started his own shop. He decided to focus on industrial, though as a New York City developer he had no experience with it: New Jersey’s sprawling industrial parks, comprising some 800 million square feet, had long served as the city’s warehouses. But there was talk about shortening delivery times, and the traffic-choked truck routes across the Hudson River weren’t getting any less crowded.
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Industrial Construction Reaches All-Time High, Tenants Will Still Struggle To Find Space

industrial warehouse

In Prologis’ recent third quarter earnings call, CEO Hamid Moghadam was blunt in his assessment of the industrial sector’s supply-demand equilibrium:

“With vacancies at unprecedented lows, space in our markets is effectively sold out.”

It is, of course, little secret that industrial rents are at a premium and tenants are jockeying for what space they can find. But new details in Prologis’ Industrial Business Indicator report show just how much of an uphill climb supply will have before it meets current and future demand.

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