Ryan got $ 28 million loan and bought warehouse development site in Kendall
Commercial real estate firm Ryan Companies secured a $ 28.2 million loan to build its Kendall e-commerce warehouse and purchased the development site for $ 12 million.
Records show that Ryan Companies affiliate Kendall Property Owner purchased the 10 acres at the intersection of Southwest 136th Street and 132nd Avenue from TCAG, managed by Raquel Carro. Associated Bank issued the loan.
Miami-Dade County last year approved Ryan’s plan to build a 65,536-square-foot e-commerce warehouse on Kendall’s property, according to county documents.
Records show that the seller, TCAG, acquired the site in 2020 in two transactions, one for each lot. He bought one lot for $ 485,000 from Ronald Scherfer and William Pintzow, and the second lot for $ 408,400 from Melvin and Linda Wolfe, according to property records.
Ryan, based in Minneapolis, Minnesota, led by Brian Murray and Lisa Kro, is also a real estate designer, financier, manager and builder of multi-family, hotel, office, retail, residential and residential properties. elderly, healthcare and mixed-use, according to its website.
Ryan’s other plans in Florida include building the Jacksonville Electrical Association headquarters and a medical plaza in Brandon, but Kendall’s warehouse appears to be his first development in South Florida.
The industrial market has remained robust during the pandemic, unlike other asset classes, in large part due to pent-up demand from online shopping. In Miami-Dade, e-commerce tenants leased a record 2 million square feet of space last year, according to a fourth quarter report from JLL.
Investors are grabbing industrial development sites at very high prices. Most recently, Avra Jain, Joe Del Vecchio and David Martin of Terra chose not to build an indoor sports facility on their Liberty City land and sold it to logistics real estate investor Xebec Realty for $ 8 million.
Alliance purchased an industrial property in Lake Worth Beach last month for $ 17 million, and, in January, STAG Industrial purchased 20 acres of Palm Beach County industrial properties for $ 32 million.