CBRE ARRANGED 44K SF NEW LEASE AT CLASS “A” PREMIER INDUSTRIAL PARK IN MEDLEY, FLORIDA
08 Jul 2020
Miami, Fla. – July 8, 2020 – CBRE announced today it executed the lease of 44,259 sq. ft. industrial warehouse space at Flagler Station II in Medley, Florida. Located at 10200 Northwest 110th Avenue, the space includes 7,500 sq. ft. of office, 36,759 sq. ft. of warehouse space and 14 dock positions. CBRE’s Devin White, David Albert and Andrew Fernandez arranged the lease on behalf of ownership, Morgan Stanley. Morgan Stanley owns more than 1.4M square feet of Class A+ distribution space ready to be leased at market competitive pricing.
The tenant, AmePower, was represented by Stuart Gordon, and will occupy the property December 2020. AmePower is an engineering company specialized on delivering customized solutions to improve the efficiency and reliability of High-Power Electronics systems.
“This deal died at the beginning of the pandemic and through the creativity and determination of all parties involved, we were able to resuscitate the deal and complete it in less than 2 weeks,” said Devin White, Senior Vice President at CBRE.
With all the modern amenities that tenants need to maximize productivity, such as 30’+ clear heights, excellent dock door ratios and enormous truck courts, Flagler Station II is situated in the town of Medley with immediate access to the Florida Turnpike. Learn more about the property and other spaces for lease at cbre.us/flaglerstation.
According to CBRE’s Q1 2020 Miami Industrial MarketView, the average asking rate in the Medley submarket was $9.32 per sq. ft. and the total vacancy was 3 percent. Fueled by e-commerce growth, annual net industrial absorption will total more than 333 million sq. ft. by 2022, leading to annual rent growth of 5.7%, according to the latest CBRE estimates.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.