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Waste Management pays nearly $380M for 146 acres in Medley, Fla.
The purchase includes $366.8 million in seller financing maturing in 2046 and easements to route stormwater runoff to a nearby canal.
Waste Management has paid nearly $380 million for about 146 acres in Medley, Florida, where the Houston-based company is likely to build an additional landfill, according to Commercial Observer. The property is located near Route 27 at 9515 Northwest 95th Avenue, adjacent to the company’s 170-acre Medley Landfill complex.
About half of the site remains vacant, while the rest is used as a surface truck parking lot. Property records cited by the outlet show the seller is an entity tied to Hialeah Gardens-based Lowell Dunn Company, and the deal included $366.8 million in seller financing scheduled to mature in 2046.
Commercial Observer also reported that a recorded easement has Lowell Dunn Company agreeing to allow Waste Management to install underground stormwater pipes across the neighboring property. The setup is designed to enable runoff from Waste Management’s site to discharge into a canal north of the property.
The acquisition is Waste Management’s second purchase in Miami-Dade County within the same month, the outlet said. Earlier, Woodlands, Texas-based Waste Connections paid $51 million for a 12-acre surface trucking parking lot in Miami Gardens.