Real estate investors Scott and Belinda Sime sold a Miami-Dade County industrial portfolio for $22.7 million.
An affiliate of Miami-based WREV, led by Tyler Workman, bought three warehouses totaling 90,000 square feet at 6405 Northwest 82nd Avenue, 7500 Northwest 82nd Street, and 7361 Northwest 78th Street, records show. The properties are in Medley.
The Simes, a married couple who founded Coral Gables-based Sime Realty, provided WREV with $20.6 million in seller financing. The Simes represented themselves, and Pablo Vignolo and Raul Pino with The Hype Real Estate Group represented WREV, a press release states.
The buyer paid $253 a square foot for the warehouses.
“Current market conditions, and strong buyer demand — particularly from the Northeast and West U.S. — [have] generated high demand for these types of properties,” Scott Sime said in a statement.
The Simes assembled the three properties for a combined $2.4 million between 1994 and 1998, records show. The buildings were completed in 1979, 1980 and 1982.
Scott Sime is a commercial broker, and Belinda Sime is a residential broker. The couple owns a 21-property portfolio in South Florida that includes a mix of office, retail and industrial buildings and single-family homes, the release states.
The Medley industrial submarket has grown in recent years as institutional investors and developers seek new areas to build in land-strapped Miami-Dade County. In May, New York and Bay Harbor Islands-based Simi Capital picked up an 80,000-square-foot warehouse in Medley for $31 million.
New York-based BentallGreenOak dropped $60 million for a Medley cold storage facility in November. The building is fully leased to food distribution company Quirch Foods until 2042.
In September, Boston-based Longpoint acquired a three-warehouse complex in Medley for $27.2 million. The property is the headquarters for the seller, Tropic Oil Corp, which signed a long-term lease. The same month, Blackstone subsidiary Link Logistics landed a $95 million loan secured by four warehouses in Medley completed in 2023.
