JV Taps CBRE to Lease Miami-Area Industrial Park
- Jun 15, 2020
A joint venture between TRX Investments and EverWest Real Estate Investors has tapped CBRE to lease its industrial park in Doral, Fla. CBRE’s Devin White, David Albert, and Andrew Fernandez were tasked with leasing North Doral Park, which was designed with smaller-size tenants in mind.
Construction of the industrial project started approximately six months ago, White told Commercial Property Executive, and will be completed in the fourth quarter of 2020. Adding to its portfolio of industrial properties, EverWest also purchased a 181,730-square-foot warehouse in Los Angeles for $38.5 million in December.
EverWest’s latest joint investment in Florida is a 190,000-square-foot Class A industrial property that’s being built with 32-foot clear heights, 43-foot column widths, 120-foot truck court depth, ESFR sprinklers, LED lighting, 42 dock high and 14 drive-in doors and 145 parking spaces. White also told CPE that the property was designed to fit 14 tenants.
Located at 6451 NW. 102nd Ave. in Doral, Fla., North Doral Park has direct access to the Palmetto Expressway and the Florida Turnpike, while also being 5 miles away from the Miami International Airport’s cargo terminals and 16 miles away from PortMiami.
Aiming for most active tenant segment
According to CBRE’s report on the first quarter of 2020, Miami’s industrial market has a healthy development pipeline for the next couple of years. The city has approximately 1.8 million square feet of industrial space under construction and totals 8.8 million square feet in the pipeline going into 2022. The report noted that 5.1 million square feet of industrial space is scheduled to come online this year, 3.4 million square feet for 2021 and the remaining 265,800 square feet in 2022.
White told CPE that the most active tenant segment in the industrial arena before and during the COVID-19 pandemic was for less than 15,000 square feet and that North Doral Park was designed with that in mind.
“The project has been designed to accommodate 13,500-square-foot tenants with offices and ramps already built at the project completion,” Devin White said. “That way, we can accommodate these tenants immediately following construction and minimize lease up time.”