CBRE executed the lease of 21,637 sq. ft. industrial warehouse space at Flagler Station II in Medley. Located at 10800 Northwest 106th Street, the space includes 1,411 sq. ft. of office, 20,226 sq. ft. of warehouse space and 7 dock positions. CBRE’s Devin White, David Albert and Andrew Fernandez arranged the lease on behalf of ownership, Morgan Stanley. Morgan Stanley owns more than 1.4 million square feet of Class A+ distribution space in Flagler Station with units ready to be leased at market competitive pricing. The tenant, Anthem South, will occupy the property immediately. Anthem South has established itself as one of the world’s leading manufacturer/suppliers of wet wipes, skincare, hair care, and body care products.
With all the modern amenities that tenants need to maximize productivity, such as 30’+ clear heights, excellent dock door ratios and enormous truck courts, Flagler Station II is situated in the town of Medley with immediate access to the Florida Turnpike. According to CBRE’s Q2 2020 Miami Industrial MarketView, the average asking rate in the Medley submarket was $9.55 per sq. ft. and the total vacancy was 2.9 percent. Fueled by e-commerce growth, annual net industrial absorption will total more than 333 million sq. ft. by 2022, leading to annual rent growth of 5.7%, according to the latest CBRE estimates.
“We are thrilled to bring Anthem into the Morgan Stanley family within Flagler Station. The deal happened very quickly as the tenant’s business was growing to accommodate needs borne from the pandemic,” said White, Senior Vice President at CBRE.
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