Cushman & Wakefield Lands First Tenant at Airport North Logistics Park, Inks 106,000-SF Lease Deal

Cushman & Wakefield announced it has represented Airport North Industrial Inc. in its first lease at Airport North Logistics Park, a ±900,000-square-foot, Class A industrial park currently in the first phase of development in Miami’s Airport North/Medley market.
Executive Director Wayne Ramoski and Associate Director Gian Rodriguez represented owner Airport North Industrial in negotiating a five-year, 105,920-square-foot lease with Neutralogistics.
Blanca Commercial Real Estate Executive Vice President Juan Ruiz represented Neutralogistics.
Airport North Logistics Park (ALP) is a 45-acre Miami-Dade County master-planned industrial park located at 8502 NW 80th Street. Phase One of the project offers ±900,000 square feet of state-of-the-art warehouse and distribution space in four separate buildings.
Neutralogistics took space in Building One, which is a rear-load, multi-bay facility originally divisible to 44,515 square feet. Building One offers built-to-suit office space, a 120-foot unshared concrete truck court, clear heights up to 34 feet, and 57 overhead doors.
 

“This is a great fit for a fast-growing company like Neutralogistics,” said Ramoski. “ALP offers value through a prestigious address, state-of-the-art warehouse space and superior access to South Florida’s distribution routes.”

Neutralogistics, which is expanding northward from Doral, is a full-service logistics company specializing in freight management, imports, exports, trucking, warehousing, distribution and brokerage.
 

“In addition to ALP’s above-standard Class A industrial attributes, the future northern expansion of NW 87th Avenue will provide Neutralogistics with a direct link to their other facility in Doral,” added Ruiz.

“Airport North Logistics Park provided us with the right combination of timing, size, ownership, location and future growth potential, which is crucial to the success of our Foreign Trade Zone warehousing and distribution business,” said Alex Tellez, President and CEO of Neutralogistics.

Cushman & Wakefield research indicates that the Miami industrial market continues to exhibit excellent fundamentals and encourage new development, which is rapidly absorbed in turn.
 

“The market’s overall vacancy level fell by 40 basis points in the past 12 months on elevated demand for warehouse/distribution and office services space, ending the year at 5.7 percent,” wrote Senior Research Analyst Valerie Tatum in the firm’s 4Q 2015 Miami Industrial MarketBeat Snapshot. “Over 1.2 million square feet of space was absorbed by tenants in 2015. The Airport West and Airport North/Medley submarkets had the majority of space taken off the market.”

“Almost 1.2 million square feet of industrial space was completed in 2015, with another 1.4 million square feet of speculative space currently under construction,” added Tatum. “The bulk of product delivered was in the Airport North/Medley submarket with 72.2 percent of the space already leased and occupied by the end of the year. Pent-up demand for high-quality, efficient product should keep absorption in new construction strong in the upcoming years.”

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