MIAMI—The Medley East & Hialeah Gardens Industrial Parks, a portfolio comprising two industrial parks spanning 844,889 square feet across 15 manufacturing, warehouse and distribution buildings, has traded hands. The industrial portfolio sold for $48.75 million.

According to CBRE, the marks the largest industrial investment sale in Miami since June 2013. CBRE sold Medley West to Lincoln Property Company for $59.85 million. CBRE's Capital Markets Institutional Group, in conjunction with the leasing team of Americas Industrial Realty Corporation, represented the seller.

“The Medley East & Hialeah Gardens portfolios represent some of the most functional institutional quality product within the in-fill submarkets in which they are located,” says Christian Lee, vice chairman with CBRE's Capital Markets Institutional Group. “Tenant demand for functional well-located product such as this continues to be very strong, as evidenced by Miami's 4.9% vacancy rate in Q3 2013, the second-lowest in the country.”