4 Industrial Tenants Ink More Than 293K SF of Deals in Miami-Dade

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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.

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“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.