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Larry Genet and Tom O’Loughlin with CBRE represented IOV in the lease transaction and are the exclusive representatives for the property and are positioning the development’s ability to meet the needs of e-commerce, distribution, corporate headquarters or manufacturing operations with heavy parking requirements.
The property is adjacent to a building that the client purchased in August 2024.
The lease deals total 143,083 square feet.
The transaction was facilitated by Colliers Vice Chair Stephen Rutchik and Senior Vice President Kevin Gonzalez.
Jonathan De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller, Core Investment Management, and procured the buyer, a local family office.
Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors (AOZA).
Colliers’ Jonathan Kingsley, Kevin Gonzalez, and Tom Farmer represented the landlord in the lease renewal. JLL’s Adam Bernstein represented the long-term tenant.
The ten-year lease will commence upon completion of building construction and tenant improvements expected to be in June 2025.
The first phase of the project includes a total of 350,000 square feet of revamped and newly built retail space, along with three 8-story multifamily buildings with 470 market-rate apartments.
The property consists of three 36-foot clear height rear-load industrial distribution buildings containing approximately 495,000 square feet on 23.4 acres.
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