B
entallGreenOak acquired a Medley warehouse from an affiliate of Truist Securities for $60 million. The property, located at 7600 Northwest 82nd Place, features a cold storage facility with Quirch Foods as the long-term tenant, locked in through 2042 with options to renew for another decade each. The deal translates to approximately $337 per square foot for the 176,699-square-foot building completed in 2021.

    The seller had purchased the 15-acre site just two years prior for $59.4 million. BentallGreenOak, a New York-based investment firm with $85 billion in commercial real estate assets under management, has been active in South Florida's market. The company recently partnered with Butters Group to develop a 2.2 million-square-foot business park in Fort Myers.

    Despite signs of softness in Miami-Dade County's industrial market, deal flow remains strong. Average asking rents dipped to $16.42 per square foot in the third quarter, and vacancy rates rose to 4.9 percent. However, recent transactions suggest continued demand for industrial space. Brookfield Asset Management sold a Miami Lakes warehouse to auto dealers Ali and Faisal Ahmed for $38.2 million, while Bridge Industrial acquired a Doral business park for $45.4 million in October.