11-BUILDING INDUSTRIAL PORTFOLIO IN MEDLEY

SELLS FOR $59.85 MILLION

Miami, FL – June 25, 2013 – CBRE arranged the sale of Medley West, a 846,651-square-foot industrial park located at 9000 NW 106th Street in Medley, Florida. The sale represents the largest industrial trade in Miami for more than a year. Lincoln Property Company, based in Chicago, purchased the industrial portfolio for $59,850,000, or $71 per square foot. CBRE’s Capital Markets Institutional Group, in conjunction with the leasing team of Americas Industrial Realty Corporation, represented the seller.

Medley West is located in the Medley submarket, where CBRE Research reported 4.2% industrial vacancy in Q1 2013, approximately 140 basis points below the industrial market average for Miami-Dade County. Medley West was 94.6% occupied at the time of the sale.  

“Miami-Dade County industrial continues to draw significant investor demand, particularly well-located and functional industrial product such as Medley West,” said Christian Lee, Vice Chairman with CBRE’s Capital Markets Institutional Group. “This was a rare and unique opportunity to acquire a critical mass of product in one of the nation’s most dynamic and robust industrial markets.”  

Built between 1979 and 1987, Medley West features functional design specifications and superior access to major thoroughfares including the Okeechobee Road (adjacent), the Florida Turnpike and the Palmetto Expressway. The property’s front-loaded and cross dock buildings have 20' to 24' clear span heights and Florida East Coast (FEC) rail access. Of the 11 buildings, 10 are multi-tenant and one is a single tenant. Medley has a strong manufacturing base; its three largest tenants include B/E Aerospace (141,074 square feet), a manufacturer of aircraft interiors; Eco Window Systems (70,800 square feet), maker of hurricane-impact glass; and Konie Cups International (44,390 square feet), a maker of paper cups.   

The Miami-based CBRE team representing the seller included Christian Lee, Vice Chairman with CBRE’s Capital Markets Institutional Group; Chris Riley, Vice Chairman with CBRE’s Atlanta Investment Properties Institutional Group; Brian Budnick, Senior Vice President with CBRE’s Atlanta Investment Properties Group; and José Antonio Lobón, an Associate with CBRE’s Capital Markets Institutional Group.

About Americas Industrial Realty Corporation, Inc.
As one of the tallest buildings in the market at ten stories, the iconic One Town Center towers above the central Boca Raton landscape with 200,000 square feet of office space.  One Town Center was constructed in 1990, before the four-story height restrictions were implemented. Recently renovated, the striking, two-story atrium lobby includes a new marble and wood concierge desk, stylish guest seating areas and modern lighting. The new lighting, finishes, floor coverings and furnishings were selected with particular consideration to environmental sustainability and lasting quality.  First floor amenities include a new fitness center with shower/locker facilities, recycling center and a reconfigured lobby to provide for an onsite café.  Typical floors of approximately 20,000 square feet feature mostly column free interior space for efficient office layouts. Restrooms and tenant floors are being renovated to include contemporary new lighting, tailored fabric wall coverings and elegant tile floors in the tenant elevator lobbies. 

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