NGKF Leases 1.6MSF Industrial Business Park in Miami Metro
- May 23, 2016
By Robert Demeter
Miami–Newmark Grubb Knight Frank have recently been hired to market and lease Turnpike1 Business Park, a planned 1.6 million-square-foot project located in Southwest Miami-Dade, in Homestead, Fla. GBX Capital, a U.S. division of a major Brazilian developer that broke ground on the 117-acre site last month, tapped NGKF’s Executive Managing Directors Steven Medwin and Nick Wigoda to lead the ownership and leasing opportunities for the company.
The multi-phase development will range from 5,000 square feet to more than 250,000 square-foot projects, including office and warehouse space. Phase one of the business park will include a speculative industrial building with state-of-the-art amenities such as 24-foot ceilings, efficient column spacing, build–to-suit offices that incorporate the latest design features for better operational functionality, truck courts, surplus trailer storage and expansion land.
NGKF’s South Florida industrial team has already secured two major tenants for the project, including Pepsico/Frito-Lay and Bianco Fine Foods. Turnpike1 Business Park will serve as the distribution center for PepsiCo/Frito-Lay in both South Miami-Dade and Monroe Counties. The vacant area of the building is still under lease negotiations with a global distribution company, which will bring Building A to 100 percent “pre-leased” status while still under construction. Plans and permitting are underway for Building B, which will be 43,000 square feet, due to the accelerated leasing activity of the business park.
“The industrial market in Homestead has been longing for quality industrial product to serve the fast growing region of South Miami-Dade and Monroe Counties,” said Medwin. “We are seeing so much pent-up demand from large and small companies alike who are looking for Class A industrial space that’s been absent from the market for many years. Turnpike1 Business Park is the answer.”
NGKF predicts large industrial demand in the area, with the market poised for strong pre-leasing levels pushing the occupancy rate up to pre-recession levels at 95.5 percent, not seen since 2006. Southwest Miami-Dade has the second lowest vacancy in the South Florida industrial market.
“Turnpike1 Business Park will offer corporations in Miami an alternative to higher-priced industrial hubs with significant traffic congestion,” added Wigoda. “The property’s location will provide easy access to a rapidly growing population base, variety of amenities and major highways, and offer more competitive leasing rates and sale prices.”
Turnpike1 Business Park is located between Miami and the Florida Keys, directly off the Florida Turnpike and US 1, with immediate access to major freight movement centers connecting South Florida with South America, Asia and Europe. The property is also situated near residential neighborhoods with excellent labor pool, as well as restaurants, shopping centers and the Homestead Miami Speedway.
“We see the Miami industrial market ripe for new industrial and office space development and our project will help offer new, high quality space at affordable prices in order to meet the demands of both local and international businesses,” said Bret Bobo, COO of GBX in the US. “This the first phase of the master-planned business park we are developing in Homestead and we have assembled an experienced team to carry the project forward.”
Images courtesy of Turnpike1 website.