- April 5, 2017
- Capital Markets
- 0 Comments
Medley Logistics Park just inked a $30 million long-term lease renewal. Industry watchers are calling it a testament to the region’s strong Miami industrial market.
The industrial park, a 670,000-square-foot three-building project is located in the Greater Miami area. Newmark Grubb Knight Frank executive managing directors Steven Medwin and Nick Wigoda represented the landlord. David Albert of CBRE represented the tenant, Bel USA.
“This large lease is another indication of how strong the South Florida industrial market is,” Medwin tells GlobeSt.com. “Companies are thriving here and we expect that to continue for the foreseeable future.”
As NGKF’s fourth quarter South Florida Industrial report noted, Medley is the fourth-largest industrial submarket in Miami totaling 25 million square feet. Robust demand for warehouse space helped Medley lead the County with more than 663,000 square feet of net absorption in 2016.
Bel USA has been a tenant in the park since its completion in 2010. The company uses the 342,750-square-foot industrial building to manufacture, distribute and sell promotional items like coffee mugs and T-shirts.
“This long-term renewal demonstrates how well this facility works for Bel USA,” says Medwin. “It also happens to be one of the largest lease renewals to occur in South Florida in several years.”
Medley Logistics Park sits on 39 acres and offers direct frontage on the Florida Turnpike. The subject building has 32-foot ceiling height and more than 80 loading doors.
Development in Medley slowed last year due to a lack of available Miami industrial land. Only 390,000 square feet was delivered in 2016 after nearly 1.3 million square feet was built in 2015.
“Medley market conditions remain tight with a 4% vacancy rate,” Wigoda says. “Medley Logistic Park currently has 28,000 square feet of class A warehouse space available for immediate occupancy.”