Lincoln Property Company (Lincoln) has purchased Medley International Business Park West, an 11-building, 847,000-square-foot industrial park in Miami, from TA Associates. Lincoln acquired the property on behalf of a large pension-fund client.
Lincoln will manage the property and has selected Americas Industrial Realty Corp. to handle the leasing.
The Medley West transaction is one of the largest industrial property acquisitions in South Florida during the past decade and marks Lincoln’s third industrial acquisition in the area in the last few years. The firm’s industrial portfolio in South Florida now totals more than 1.3 million square feet, and Lincoln remains committed to continuing to acquire and develop industrial properties in the market.
“This was a rare and unique opportunity to acquire a large-scale, multi-tenant industrial property in one of the three top-tier industrial markets in the United States,” said Roy Paskow, a senior vice president for Lincoln who oversees the firm’s South Florida operations. “Over the coming months, we will re-brand and re-position this asset to take advantage of the strong demand in Miami-Dade for well-located industrial space with rail access for warehousing and light manufacturing.”
Medley West is centrally located at 105th Avenue and Okeechobee Road and features easy access to the entire Miami-Dade region, including the Miami International Airport, the Port of Miami, and major highways including the Dolphin Expressway (SR 836), the Palmetto Expressway (SR 826) and the Florida Turnpike. Medley West boasts an occupancy rate of 93 percent, with current tenants ranging in size from approximately 5,000 square feet to more than 100,000 square feet.
Lincoln has acquired more than $10 billion of office and industrial properties around the country, and the firm’s Southeast Region has developed more than 12 million square feet of commercial properties and acquired more than 6 million square feet of office and industrial properties. The firm is pursuing both core and value-add opportunities in the office and industrial asset classes and continues to grow its third-party services, including property management, investment brokerage and leasing.