Cushman & Wakefield announced today that it has brought the first of four buildings at Airport North Logistics Park (ALP) to full occupancy, representing owner Airport North Industrial, Inc. The deal marks the second tenant to sign at ALP in as many months.
Executive Director Wayne Ramoski and Associate Director Gian Rodriguez represented Airport North Industrial, Inc. in negotiating a long-term, 149,980-square-foot lease with Eco Window Systems.
Americas Commercial Real Estate, LLC represented Eco Window Systems in the transaction.
ALP is a ±900,000-square-foot, Class A industrial park currently in the first phase of development in Miami’s Airport North/Medley market. The 45-acre master-planned industrial park is located at 8502 NW 80th Street. Its strategic location near Miami International Airport and Port Miami sets it apart from competitive properties. Phase One of the project offers state-of-the-art warehouse and distribution space in four separate buildings.
Eco Window Systems is a privately owned manufacturer of affordable impact-resistant windows and doors built to the highest standards in the industry. The firm is relocating from Medley International Business Park and doubling the size of its Miami-Dade distribution center.
“ALP met Eco Window Systems’ need to expand into a state-of-the-art warehouse/distribution facility with excellent access to South Florida’s transportation network,” said Ramoski. “ALP continues to generate tremendous interest and we expect leasing activity in the park to remain strong as we move forward with the construction of Buildings Two and Three.”
In April, Ramoski and Rodriguez landed the first tenant at ALP, negotiating a ±106,000-square-foot expansion lease with Neutralogistics, a full-service logistics company specializing in freight management, imports, exports, trucking, warehousing, distribution and brokerage.
Construction on Buildings Two and Three at ALP, which total ±503,208 square feet combined, will commence this summer and will be delivered by mid–2017.
Cushman & Wakefield research indicates that the Miami industrial market remains strong with demand for warehouse/distribution space leading the way.
“Demand for high-quality industrial space with ceiling heights north or 32 feet and direct access to the logistics network remained high,” wrote Senior Research Analyst Bradly Pape in the firm’s recently released 1Q 2016 Miami Industrial MarketBeat Snapshot. “The overall vacancy rate in the Miami-Dade County industrial market declined by 150 basis points year-over-year on strong tenant demand for warehouse/distribution space. The first quarter ended at 4.9 percent, the lowest the rate has been since the first quarter of 2007.”
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