A cold storage warehouse in Medley that’s leased by a food distribution company sold for $60 million. Medley is just west of Miami.
SunTrust Equity Funding sold the 177,893-square-foot cold storage warehouse at 7600 N.W. 82nd Place to BentallGreenOak (BGO), the real estate investment arm of Sun Life Financial.
The price worked out to $337 per square foot. The S. Florida Business Journal reports cold storage warehouses typically trade for higher prices per square foot because of the expensive refrigeration and cooling equipment.
The property last traded for $59.42 million in 2022. That 2022 sale was by Quirch Foods, which remains the main tenant on the property.
The warehouse was built on the 15-acre site in 2001.
BGO Cold Chain says it is amongst the largest cold storage investors in the world, with approximately 30 million square feet of transaction activity since 2015. The company has offices in 27 cities in 13 countries.
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