Miami-Dade’s industrial market is tightening, and competition for more warehouses and factories is fierce. We’re always on the lookout for new opportunities, which is why today, we’re shining our spotlight on Medley, Florida.
Located on the far western edge of Miami-Dade county near Hialeah, Medley has a heavy concentration of industrial properties. Currently, we are leasing a 28,000 sq. ft. warehouse building on a 10.8 acre site in Medley. Last year, our Doral team brokered the $5.5M sale of an 8-acre site just south of Medley to a construction equipment company. We also led the way to close a $10,000,000 transaction on a 10.8 acre site with a 28,000 sq. ft. warehouse building.
“Medley’s industrial market has grown significantly and has drawn the attention of many REITs that may not have considered Medley over the previous decade,” says Chris Spear of ComReal Doral. “Part of that is due to the fact that Medley is one of the last areas in South Florida where industrial land that can be developed still exists.”
It was only a matter of time before other investors caught on: this past week, a Blackstone affiliate bought two industrial vacant lots in Medley for $7.2M. The 8.8-acre site doesn’t have an exact address, but it sits adjacent to a used car parts facility at 9700 Northwest South River Drive, according to CRE-source. The seller is Medley Auto Parts.
Earlier this month, Honeywell International sold an industrial building in Medley for $5.23M to a company tied to South Florida real estate investor Leo Ghitis, further exemplifying this area’s potential.
Spear says that Medley’s industrial rental rates are at an all-time high, while cap rates and inventory at all-time lows, creating a difficult environment for movement in the market, which is why many of the sales are being done off-market. “We expect to see that trend continue until there is a downturn in the economy, at which time property owners will likely become more open to selling,” he says.
As your go-to resource for South Florida Commercial Real Estate news, we will continue to keep you updated on new developments in Medley and the rest of the local area. Keep an eye on this space–or drop us a line anytime.