Lincoln Completes Acquisition of Navarro Discount Pharmacy’s South Florida Distribution Center
On behalf of a large pension-fund client, Lincoln Property Company has purchased a 275,480-square-foot industrial building in South Florida that serves as a distribution center for the Navarro Discount Pharmacy chain. NDC Properties, LLC was the seller. The acquisition price was not disclosed.
Lincoln will manage the property.
The distribution center, located at 9400 NW 104th Street in Medley, is adjacent to The Port @ Medley 105 industrial park, which includes 10 buildings and totals approximately 800,000 square feet. Lincoln acquired the park on behalf of the same pension-fund client in 2013.
The distribution center was built in 1996, offers easy access to the entire Miami-Dade region – including the Miami International Airport and PortMiami – and features a 25-foot clear ceiling height.
“This was a great opportunity to acquire a top-notch property with a credit tenant in one of the top three industrial markets in the country,” said Roy Paskow, a senior vice president for Lincoln who oversees the firm’s South Florida operations. “There is every reason to believe this property will deliver an outstanding performance for years to come.”