Duke Realty pays $35.7M for industrial site in Medley

January 20, 2018

Duke Realty paid $35.7 million for a lumber yard in Medley where the Indianapolis-based company plans to construct warehouses.

Duke bought the 35.1-acre property at 10300 Northwest 121st Way in Medley from an affiliate of Universal Forest Products.

Duke plans to build distribution warehouses spanning 650,000 square feet on the Medley property.

The property now has 452,109 square feet of industrial space for lumber storage and distribution. The South Florida Business Journal reported that Universal Forest Products, which occupies the property, will relocate its South Florida operations.

As rents for industrial space rise and vacant land becomes scarcer in Miami-Dade County, developers increasingly acquire properties for redevelopment as modern warehouses.

Article and photo credit: The Real Deal South Florida

 

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