Healthy demand for industrial space fuels latest leases valued at more than $16 million
Newmark Knight Frank (NKF) announced today the completion of two industrial leases totaling 170,000 square feet and valued in excess of $16 million. Both leases were executed at Medley Logistics Park, a three-building industrial development in Medley, Florida. The buildings are located at 12600 NW 115th Avenue and 12630 NW 115th Avenue.
A national warehousing and distribution company renewed its 134,000-square-foot lease at the park, while a beverage distributor signed a new lease totaling 35,000 square feet. NKF’s Executive Managing Directors Steven Medwin, SIOR, CCIM, and Nick Wigoda, SIOR, represented the institutional landlord, while Sky Groden of JLL represented both tenants.
“The completion of these leases keeps Medley Logistics Park at full occupancy,” Medwin said. “Retaining a 134,000-square-foot tenant is not an easy task in today’s market where new state-of-the-art buildings are popping up all over South Florida.”
“The success of these deals speaks to the benefits of modern logistics buildings, like Medley Logistics Park, that offer Turnpike visibility, excellent highway access and a strong institutional owner that knows how to treat an existing customer,” added Wigoda.
According to NKF Research, Miami’s industrial market is outperforming Florida’s other major metro areas and held onto the lowest vacancy rate in the state for a third consecutive quarter. Medley is the fourth largest industrial submarket in Miami, totaling 27 million square feet. During the first half of the year, Medley led demand for warehouse space with 300,000 square feet of net absorption. In 2Q19, Medley’s vacancy rate declined 1.2% despite having 420,000 square feet of new product under construction.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.