JLL has been selected to lease Gateway South Dade, a new, 398,384-square-foot Class A industrial development located within the Homestead Park of Commerce in Homestead.
Homestead Park of Commerce is a 275-acre master-planned business park currently home to Contender Boats, Copart USA, Reyes Holdings and Dunham & Bush USA.
The four-building development is expected to break ground this September.
The JLL team of Executive Managing Director and South Florida Industrial Lead Brian Smith, Executive Managing Director Audley Bosch along with Managing Director Matt Maciag and Vice President Ana Rivera will spearhead the property’s leasing on behalf of EastGroup Properties, the owner and developer.
EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties across Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The company’s portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 57.6 million square feet.
“As the popularity of the South Dade/Homestead submarkets continue to grow, and demand for quality industrial space throughout South Florida increases, Gateway South Dade will be a welcomed addition to a market that has no current Class A product available and nothing built in the last ten years,” said Smith. “The property’s multi-tenant design will cater to users of 20,000 square feet to 132,000 square feet offering modern features for today’s logistics and distribution requirements.”
Gateway South Dade will feature a clear height of 32’ along with 24 dock doors and two drive-in doors per building. Additional amenities include an expansive truck court with surplus trailer parking. The property’s strategic location provides inflow and outflow road circulation with reverse commuting patterns to avoid traffic congestion in northern Miami-Dade County. About 54% of the 2.8 million people who live in Miami Dade County live in South Dade, which has less than 3% of the warehouse inventory.
Gateway South Dade will also provide easy access to Miami Dade County, Homestead and the Upper Keys thanks to its convenient one-mile distance from major interstate networks. 45% of Workers in S Dade commute 60 minutes or more.
“Our goal with any project is to develop a high-end product that will benefit that specific market’s needs,” said Chris Segrest from EastGroup Properties. “Once complete, Gateway South Dade, will benefit from the surrounding area’s exponential population growth, close proximity to households, and an existing convenient transportation network. Finally, there will be an employment base within the industrial park, with a reverse commute.”
According to JLL’s latest industrial insight report for Miami-Dade County, over 7.5 million square feet of Class A product is currently under construction throughout Miami Dade, with a total of 2.4 million square feet of Class A space delivered this quarter alone. Flight to quality for Class A product has become a standard for institutional clients. Although 7.5 million square feet is scheduled for delivery through the next 12 to 24 months, demand is expected to remain steady.
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