September 20, 2012 03:00PM
Prologis Gratigny
Perez Trading has signed a deal to lease 280,601 square feet at Prologis Gratigny Industrial Park, making it South Florida’s largest industrial lease thus far in 2012. The deal comes just a few weeks after the previous 2012 high, a 200,214-square-foot lease by AeroTurbine in Broward.
“The North Dade, North Central Dade market is very strong, and Miami-Dade County is very strong,” Smith told The Real Deal. But these submarkets in North Dade and Medley have also come roaring back — rents are up, occupancy is up and if you’re a tenant in the [75,000] to 150,000-square-foot range, there’s not a lot to choose from.”
Landlord Prologis was represented by Cushman & Wakefield directors Brian Smith and Audley Bosch. Jones Lang LaSalle’s Steve Medwin, managing director, and Nick Wigoda, vice president, represented Perez Trading.
Cushman said it had been marketing the building for approximately six months.
“The timing just worked out,” Smith said. “They were in need of expansion, the building was right side, and it had some critical things they needed, like rail, and surplus land.”
The lease also brought the 2 million-square-foot Prologis Gratigny Industrial Park, which is located at 3380 NW 114th Street in Miami, to 100 percent occupancy.
Smith and Bosch previously represented the park in a 33,500-square-foot lease by Falcon Distribution earlier this year.
“I do think you’re going to see inventory dwindling [in North Dade],” Smith said. “That market is going to continue to get tighter — landlords are tightening the squeeze, and they’re not giving away the house to keep tenants.”
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