Three-Property Net-Leased Portfolio Sells for $17.3 Million in Medley, FL

Alex Zylberglait

 MEDLEY, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the LKQ Portfolio, a three-property, approximately 1,300,000-square-foot triple-net-leased portfolio in Medley, a town in western Miami-Dade County, Fla.

The sales price is $17,300,000. Alex Zylberglait, first vice president investments, and Joseph Phelps, associate, both in Marcus & Millichap’s Miami office, represented the seller, a private investor. The buyer is Gramercy Property Trust.

            “The properties in the portfolio combine to be the largest auto salvage business in Miami-Dade County,” says Zylberglait. “They have been operated as auto salvage facilities for more than 40 years.” “New properties that permit this use face updated restrictions from the county,” adds Phelps.

            The properties are located off the Palmetto Expressway at 8100 NW 74th St., 8130 NW 74th St. and 9800 NW South River Drive in Medley, Fla. in an area with a concentration of similar businesses.

Joseph Phelps

Two of the properties, 8100 NW 74th St. and 9800 NW South River Drive, operate as “Pick Your Part” salvage yards and 8130 NW 74th Ave. is a car and metal recycling facility.

There is a 13,130-square-foot structure at 8100 NW 74th Street that serves as the entrance to the yard and a similar, 3,950-square-foot building at 9800 NW South River Drive.

 A 10,000-square-foot two-story building at 8130 NW 74th St. is the administration office for the businesses. LKQ Corp. is a Fortune 500 company and the industry leader in the sale of aftermarket and recycled auto parts.

     

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716