Cushman & Wakefield has been named the exclusive leasing agent for i3 and Quarry Hill Realty’s speculative, 44,967-square-foot cold-storage facility, which will be located at the corner of NW 35th Avenue and NW 168th Street in Miami Gardens. Construction on the insulated metal panel facility will commence in mid-2021.
The Cushman & Wakefield team of Gian Rodriguez, Managing Principal of Miami and Fort Lauderdale; Wayne Ramoski, Executive Managing Director; and Skylar Stein, Senior Associate, represented seller CDX DEVELOPERS in the land transaction and look to quickly tenant the building, filling a growing need for modern and efficient cold-storage space in South Florida.
“This facility is well positioned to meet the cold storage sector’s historically high demand,” said John Joubert, Executive Vice President of i3. “What’s more, it’s location in a high-growth region – and one of the strongest food distribution markets in the U.S. – only solidifies our expectations regarding tenants’ interest.”
i3 and QHR, who paid $2.9 million for the 2.3-acre, corner site just north of SR 826/Palmetto Expressway, have successfully developed cold-storage facilities throughout the Southeast and would expect to have a similar experience in South Florida.
“Not only is demand far exceeding supply for cold-storage, but it’s exacerbated by existing product that is near obsolescence,” said John Davidson of QHR. “It’s also a complex property type to develop, so, with our collective experience, we intend to meet that market demand by delivering new, highly efficient Class A cold storage space.”
Added Rodriguez, “Working with i3 and QHR presents great opportunity to bring more a this much-needed product type to our market where existing cold-storage facilities in this size range are simply not available or have aging/antiquated cooler/Freezers systems in place.”
The building will feature 40’ clear heights, freezer and/or cooler capability, insulated-metal-panel construction, eight loading docks and office space built-to-suit. It is within 15 miles of Downtown Miami, Miami International Airport, Port Everglades, the Port of Miami and Opa-Locka Executive Airport.
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