Frito-Lay Inks 130K-SF Industrial Lease Near Miami
PepsiCo has leased an entire warehouse in Bridge Point Doral, an industrial park under construction near Miami.
Snack maker Frito-Lay, a subsidiary of PepsiCo, will occupy the 131,411-square-foot building once it’s completed in mid-2024.
Bridge Industrial is constructing the six-building campus on the southwest corner of Northwest 107th Avenue and Northwest 41st Street, west of Miami International Airport. It broke ground last year shortly after acquiring the 176-acre site for an undisclosed amount.
Wayne Ramoski, Gian Rodriguez, Skylar Stein, and Ivanna Leitner Perez of Cushman & Wakefield represented the landlord, while Jeff Hartsook and Adam Talbot of Cresa represented the tenant.
Chicago-based Bridge Industrial is an active developer in the Miami area. Last year, it scored a $154 million construction loan to build the second phase of Miami Gardens development to add nearly 1.6 million square feet.
While leasing demand has slowed from the height of the pandemic when online shopping surged, Miami’s industrial market remains strong. Rental rates grew by 1.9 percent, with asking rates just over $16 per square foot, triple-net, during the second quarter of 2023, according to data from JLL. The vacancy rate stands at 1.8 percent.
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