Cushman & Wakefield has arranged four industrial leases totaling 293,278 square feet throughout Miami-Dade County, bringing each of buildings to full occupancy in the first quarter of 2021.
Gian Rodriguez, Wayne Ramoski and Skyler Stein of Cushman & Wakefield represented four different landlords in the marketing and lease negotiations of the assets, which are spread across four different submarkets.
The four deals included:
- Grow Generation Corp., represented by Newmark, signed a 58,845-square-foot lease at 7850 NW 74th Avenue in the East Medley submarket. DRA Advisors is the landlord.
- Crane Worldwide Logistic, represented by ESRP and State Street Realty, signed a 121,656-square-foot lease at Crossroads West, located at 10901 NW 146th Street in the NW Miami-Dade submarket. TA Realty is the landlord.
- PGT Industries, represented by Cushman & Wakefield, signed a 72,160-square-foot lease at Medley 104 Industrial Center, located at 9400 NW 104th Street in the Medley submarket. Lincoln Property Company is the landlord.
- K&M Handling, represented by Agora Real Estate Group and CRESA Global Inc., signed a 40,627-square-foot lease at Longpoint Doral, located at 3055 NW 84th Avenue in the Airport West/Doral submarket. Longpoint Property Group is the landlord.
“Despite the pandemic, and in-part because of it, demand for well-located, warehouse and distribution space in our market remains at an all-time high,” Rodriguez said.
“New-to-market tenants, occupiers and owners alike continue to target the South Florida industrial market,” Ramoski, who also represented PGT Industries in one of the four transactions, added. “Whether it’s for lease or purchase, e-commerce, distribution, reverse-logistics and perishables continue to lead the way in terms of specific tenant uses and demand drivers.”
Demand for warehouse and distribution space in Miami-Dade remains at record highs with vacancy rates hovering around 4.5-4.8% according to Cushman & Wakefield’s Q4 2020 Miami Industrial MarketBeat.
“Whether you’re dealing with moving widgets, flowers, impact windows or groceries, those products flow in and out of a local warehouse,” Rodriguez added. “It’s no wonder we’re seeing these levels of demand with record-high lease rates and double-digit year-over-year rent growth.”
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