Synovus Bank sells Medley industrial site for $20 million
Synovus Bank has sold a former aircraft maintenance facility seized in Medley to Terreno Realty for $20 million.
A subsidiary of Terreno, a publicly traded real estate investment firm based in San Francisco and led by co-founder, chairman and CEO W. Blake Baird, has purchased the 6.7-acre industrial property located at 8050 Northwest 90th Street, according to the records. The site includes a 55,000 square foot warehouse completed in 1981.
A Transwestern Real Estate Services team led by Ben Eisenberg and Walter Byrd represented Terreno in the off-market deal, according to a news release. Terreno has also retained the services of Transwestern to market the vacant property for rent.
The seller, Synovus Bank, paid $3 million for the site in a November foreclosure sale, records show. A month earlier, the financial institution had obtained a final judgment against the former owner, a subsidiary of Odyssey Engines, for $54.9 million, including interest, court costs and attorney fees. , according to court records. In 2020, Synovus sued the Odyssey subsidiary and four other related companies for defaulting on five property-backed loans, as well as a forbearance agreement.
Odyssey Engines, led by directors Joel Plasco and David Boyer, was an aircraft maintenance and repair company that went bankrupt and liquidated its assets after its Chapter 11 bankruptcy filing failed. last year, according to court records.
Founded in 2009, Terreno is focused on acquiring industrial properties in Miami, Los Angeles, New York, San Francisco, Seattle and Washington DC, the statement said. In February, the company paid $73.2 million for two new warehouses at Countyline Corporate Park in Hialeah. Terreno also has two other warehouses in Countyline that the company acquired for $50 million last year.
As demand for warehouse space remains exorbitant in South Florida, institutional investors are focusing on Medley where they find properties with ample space for new developments. Miami-based Basis Industrial recently paid $37.5 million for a mixed-use facility in Medley, where the company plans to add a 125,000 square foot self-storage facility to a parking lot. .
In May, Conshohocken, Pa.-based Seagis Property Group paid about $23.7 million for two industrial buildings adjacent to Medley. Seagis plans to redevelop one of the warehouses into a larger industrial facility.