Miami Marks Major Industrial Lease
- Mar 18, 2011
March 17, 2011
By Barbra Murray, Contributing Editor
In the biggest new industrial lease agreement of 2011 to date, Betty Dain Creations signs on for 130,000 square feet of space for its new headquarters at the mixed-use Flagler Station business park.
Owned by Flagler Development, Flagler Station sits in Miami-Dade County’s Airport West submarket and features Class A office, retail and industrial space–and the ability to expand to 9 million square feet at full build-out. Betty Dain will set up shop in the building at 10505 NW 112th Ave., uniting its corporate offices and distribution and manufacturing operations within the same four walls. The 10-year lease will provide the beauty salon products manufacturer and distributor with more than twice as much space as the company has at its current headquarters, thereby allowing extra elbowroom to accommodate anticipated growth over the next year.
Cushman & Wakefield Inc. represented Betty Dain in the transaction, which the commercial real estate services firm orchestrated after combing the area for just the right location to serve as the manufacturer’s new home. Betty Dain will leave behind a 58,000 square-foot warehouse property in the Gratigny Central submarket when it makes its move to Flagler Station, but if the Miami industrial market continues on the path toward a full recovery, Cushman & Wakefield may not have too much trouble finding a tenant for that extra space. As per the firm’s fourth quarter report, the city’s industrial market recorded 2.7 million square feet of positive absorption in 2010, a sure sign of a turnaround when compared to 2009’s 3.9 million square feet of negative absorption.
Brian Smith, an executive director with Cushman & Wakefield, noted that owner-users and tenants alike feel more confident about their projects not only for this year, but beyond. He added that warehouses are seeing activity and smart tenants are grabbing hold of still-favorable rental rates.