(Read more on the industrial market.)
MEDLEY, FL-Chicago-based First Industrial Realty Trust Inc. has acquired an empty 142,000-sf distribution center from a corporate client. The terms of the deal also were not disclosed, but recent industrial sales in the submarket for comparable product hovers $8 million.
First Industrial senior regional director in Miami Jeremy Shapiro and senior investment officer Howard Freeman represented First Industrial in the acquisition of 6891 NW 74th St. Paul Isenbergh of Grubb & Ellis Co. in Miami represented the seller. According to property tax records, the seller was Mt. Home, NC-based Jefferson Smurfit Corp.
"The building is located on 'Main and Main Street' in the very sought after submarket of Medley," Shapiro tells GlobeSt.com. "The Medley submarket features many strategic advantages, including proximity to Miami International, the Port of Miami and all North-South corridors.
Other recent sales have been the 102,000-sf Abro warehouse condominium at 12860 NW 107th Court for $8.5 million and a 123,500-sf warehouse/distribution center at 8150 NW 76th Ave. for $7.75 million. Shapiro adds that one of the advantages of the Medley submarket is its relatively lower lease rates when compared to its surrounding submarkets.
According to a CB Richard Ellis' third-quarter industrial report for Miami, average rental rate in Medley is $8.97 per sf. In the Miami Airport submarket, rents average $10.30 per sf.
First Industrial's acquisition, built in 1965, features clear heights from 22 to 24 feet, 13 dock-high doors and six rail doors. Shapiro says First Industrial plans to spend the next three to six months making improvements to the property and then marketing it for lease. In the coming weeks, he says he plans to decide the leasing company.
This is First Industrial's third acquisition in the Miami market this year. First Industrial currently owns and manages 425,000 sf and 514 developable acres in the South Florida market, with another 278,000 sf under construction.
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