4 Industrial Tenants Ink More Than 293K SF of Deals in Miami-Dade
A quartet of industrial leases totaling 293,278 square feet have been inked in Miami-Dade County, with tenants ranging from Crane Worldwide Logistics to PGT Industries, according to information from Cushman & Wakefield.
Crane Worldwide signed a six-year lease for 121,656 square feet at Crossroads West, located at 10901 NW 146th Street along the Florida Turnpike highway. Asking rent was $10.50 per square foot, said C&W’s Wayne Ramoski, who represented the landlord, TA Realty. Crane expanded its footprint by one-third from its previous location at 11014 NW 33rd Street.
“In light of COVID, people are still buying products and we’re seeing companies expand” to meet the demand, Ramoski said.
About 20 miles south, PGT Industries, which builds hurricane-proof windows, took up a 5.5-year lease to occupy 72,160 square feet at Lincoln Property Company’s Medley 104 Industrial Center located at 9400 NW 104th Street. Asking rents on the deal were $8.95 per square foot. The company, which will move in on April 1, is expanding its current operations and required additional space to distribute finished goods, said Ramoski.
GrowGeneration Corp., a Denver-based seller of hydroponic supplies targeting the cannabis industry, signed a 10.5-year lease for 58,845 square feet at 7850 NW 74th Avenue. Asking rents were $9.95 per square foot. C&W represented landlord DRA Advisors, while Newmark represented the tenant.
Broward County also saw some action, with flower company K&M Handling inking a 10-year deal for 40,627 square feet at Longpoint Doral, located at 3055 NW 84th Avenue. Asking rents were $11 per square foot. C&W represented landlord Longpoint Property Group, and the tenant was represented by Agora Real Estate Group and Cresa Global’s Jeff Hartsook.
While industrial leasing activity in Miami-Dade fell 24.4 percent in 2020 from the previous year, asking rents reached an all-time high in the fourth quarter, averaging $8.86 per square foot, according to a C&W market report.
C&W’s team also included Gian Rodriguez and Skyler Stein.
Newmark’s Nick Wigoda, who represented GrowGeneration, and Jim Hazard of ESRP, who represented Crane Worldwide, did not respond to requests for comment.