FedEx Inks 501K-SF Lease Near Miami in Record Industrial Deal
By Julia Echikson March 31, 2022 6:38 pm
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FedEx signed a 501,000-square-foot lease at Miami 27 Business Park, outpacing last year’s biggest industrial deal.
The shipping giant will take over one entire warehouse, completed late last year, Colliers’ Erin Byers, who represented landlord Duke Realty Corp., told Commercial Observer. The broker declined to divulge the length of the lease or the property’s asking rent.
The FedEx deal outpaces 2021’s largest industrial lease by more than 100,000 square feet, according to The Real Deal’s tally. Warehouse distribution company Carbel signed a 368,287-square-foot lease at First Park Miami.
Miami 27 Business Park is a two-building complex located at 10300 NW 121st Way, just west of Okeechobee Road in Medley, a Miami suburb. The other building, which spans 220,000 square feet, is leased to another firm, whom Byers declined to name.
Duke Realty Corp, based in Indianapolis and specializing in industrial real estate, bought the 34-acre parcel for $35.7 million in 2018, according to property records.
Memphis-based FedEx selected the site thanks to its easy “access to major highways, proximity to customers’ distribution centers and a strong local community workforce for recruiting employees,” a company spokesperson said.
The lease is the latest to highlight how e-commerce and last-mile delivery have exploded in the last several years.
“We continue to experience significant package volume due to e-commerce growth and are optimizing the capacity of our network to meet growing demand for our services,” the FedEx representative added.
FedEx expects the logistic center to be operational next year, which its affiliate FedEx Ground will occupy. The service delivers packages through vehicles, and not by air, the business model that helped put FedEx on the map.
Nationwide, the company has 39 hubs for its ground division.
Julia Echikson can be reached at jechikson@commercialobserver.com.
