Waste Management Buys 146-Acre Miami-Dade Development Site for $380M – Commercial Observer
Waste Management has paid nearly $380 million for about 146 acres in Medley, Fla., where the Houston-based company will likely build another landfill, property records show.
The land sits parallel to Route 27 at 9515 Northwest 95th Avenue near the Everglades national park. About half the site remains vacant while the rest serves as a surface truck parking lot. The property sits adjacent to Waste Management’s 170-acre Medley Landfill complex.
An entity tied to Hialeah Gardens-based Lowell Dunn Company sold the land. The same entity provided $366.8 million in seller financing, which is scheduled to mature in 2046.
In a recorded easement, Lowell Dunn Company also agreed to allow Waste Management to install underground stormwater pipes across its neighboring property, enabling runoff from Waste Management’s site to discharge into a canal north of the property.
Representatives for the buyer and seller did not immediately respond to requests for comment.
The deal marks the second acquisition made by a waste management company in Miami-Dade County just this month. Woodlands, Texas-based Waste Connections paid $51 million for a 12-acre surface trucking parking lot in Miami Gardens.
Julia Echikson can be reached at jechikson@commercialobserver.com.
