Seaboard Marine Renews 308,000 SF Lease

Seaboard Marine, Ltd. and Seaboard Solutions, Inc. has renewed two long-term leases totaling 308,000 square feet at Prologis Palmetto Tradeport in Medley.

Colliers Vice Chairman Jonathan Kingsley represented the tenant, Seaboard Marine, in the transaction. JLL Executive Managing Director Brian Smith represented the landlord, Prologis, in the lease renewal. The 880,000-square-foot Class A industrial park is located at 7800-7890 NW 80th Street and 8001 NW 79th Avenue.

“The Kingsley-Rutchik team was pleased to leverage the tenant’s robust credit profile and industry prominence to dispel concerns about their size and unique property features, facilitating a successful renewal,” said Kingsley. “Our long-term partnership with Prologis and broker Brian Smith helped facilitate a favorable deal for both parties with respect to market conditions and the existing high-profile landlord/tenant relationship.” 

Located in the heart of Miami’s industrial market, the property provides immediate access to the Palmetto Expressway, U.S. 27, Florida’s Turnpike, and I-95. Prologis Palmetto Tradeport is also near Miami International Airport and PortMiami. The facility is adjacent to the Medley Metrorail Station and features three acres of outside storage.

Seaboard Marine is a world-class ocean carrier offering shipping services between the Caribbean, North, Central, and South America. With a fleet of approximately 25 vessels and over 60,000 specialized containers, the company provides cargo shipping services in over 26 countries in the Western Hemisphere. The carrier’s operations include terminals at PortMiami and the Port of Houston., Seaboard Marine is the largest cargo operator at PortMiami, serving over 40 ports from its facilities while managing an 86-acre property with state-of-the-art security and a fleet of terminal equipment capable of handling a wide range of cargo.

Prologis is a global leader in logistics real estate that develops modern, high-quality properties that set the standard for innovative building design and sustainability. With a focus on high-barrier, high-growth markets, the company owns or has invested in properties and development projects totaling approximately 1.2 billion square feet in 19 countries while enabling 2.8% of the world’s GDP.

Over the last five years, industrial rents in Miami-Dade County have surged by 66 percent, marking one of the most substantial increases in rental rates nationwide. Demand remains strong, with 8.1 million square feet of industrial space leased in 2023 and renewals accounting for approximately 26 percent. This underscores the market’s strength and the volume of companies looking to establish a presence here or continue operations in the Medley market. These factors, coupled with a constrained supply, have been tilting market dynamics in favor of landlords.