Garland Food Signs 15-Year Lease For 175,255 SF Industrial Space In Medley With Jeffrey Hecktman As Landlord
11301 Northwest 97th Avenue
Building Size
175,255 SF
Asset Type
Industrial
Closing
May 12, 2025
AI
The property asset involved in this transaction is an industrial facility located at 11301 Northwest 97th Avenue in Medley. The asset encompasses a total square footage of 175,255. The landlord for this lease is Jeffrey Hecktman from Hilco, while the tenant, Garland Food, will be utilizing the space primarily for a garlic-focused food processing facility.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not disclosed
- Lease Term: 15 years
- Landlord: Jeffrey Hecktman - Hilco
- Tenant: Garland Food
- Landlord's Representative: Nick Wigoda & Steve Medwin - Stream Realty Partners
- Tenant's Representative: Andrew Fernandez & Nicolas Palazzo - CBRE
The transaction details reveal that Garland Food intends to move into 141,314 square feet of the leased space in late 2025, following $15 million in improvements. The company plans to expand into the remaining area by early 2027.
Players
Medley Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93