368,000-SF Industrial Lease Signed At First Park Miami

CBRE announced the first tenant signing at First Park Miami, a new Class A industrial park located at 8801 NW 87^th Avenue in Miami.

Carbel, LLC, a warehouse, distribution, and transportation company, is leasing 368,287 square feet at the park to grow and enhance its operations and better serve its customers’ logistics needs. Carbel leased the entirety of Building Two and half of Building One, which are currently under construction with targeted completions in the fourth quarter of 2021 and late 2022, respectively.

CBRE’s Devin White, David Albert, and Andrew Fernandez represented the owner, First Industrial Realty Trust, Inc., in the transaction. The tenant was represented by Luis Marquez of Synergy Industrial Partners. Chris Willson, Executive Director at First Industrial, is leading the development project for the industrial park.

“This is a huge win for First Industrial and the project,” said White, a Senior Vice President at CBRE. “Carbel is a top-tier distribution company that needed more space to grow and keep up with demand, while also wanting to be in a campus-like environment. First Park Miami met all of the company’s criteria and then some.”

The buildings are part of the first phase of development in the park, which includes four buildings totaling more than 800,000 sq. ft. of industrial space. In total, the park will offer a campus-like environment across 126 acres comprised of 2.5 million sq. ft. of logistics space. Property features include 32’-36’ clear heights, 120’-180’ truck courts, extensive dock high loading, an ESFR sprinkler system, and ample on-site parking. The property is in a central location close to the Palmetto Expressway, Florida Turnpike, and the Miami International Airport.

“We welcome Carbel to First Park Miami and thank them for choosing our park for their South Florida business home,” said Willson of First Industrial Realty Trust. “We look forward to further growth at the park as we expand our investment in South Florida to meet tenants’ expanding logistics needs in this supply-constrained market.”

According to CBRE Research, the Miami-Dade County industrial market experienced a strong first quarter and continued to display sound market fundamentals. Leasing activity was extremely robust with transaction volume totaling roughly 4.5 million sq. ft. across 178 transactions.