It was a strong year for industrial leases in South Florida, with the largest — for a Home Depot distribution center in Hialeah — topping 1 million square feet.
Land prices jumped as much as 30 percent in Miami-Dade and Broward counties in 2019, year-over-year, to more than $1 million an acre, said Steve Wasserman, executive managing director of Colliers International South Florida.
Rental rates for new industrial buildings rose 5 percent to 10 percent, to $7.50 per square foot to $8.50 per square foot, triple-net in Miami-Dade; and to $8 per square foot to $9 per square foot, triple-net in Broward, he said.
Demand and occupancy remained high, driven in part by e-commerce and the need for last-mile distribution centers, Wasserman said.
Here is The Real Deal’s list of the largest industrial leases signed in 2019.
Home Depot, 1.1M sf
Home Depot plans to occupy two buildings of 700,000 square feet and 400,000 square feet for its distribution center at Countyline Corporate Park, at Northwest 97th Avenue and Northwest 158th Street in Hialeah. Florida East Coast Industries’ Flagler Global Logistics, is developing the park.
Andrew Lehrer of Flagler Global Logistics represented the landlord. Larry Dinner of CBRE represented Home Depot.
CEVA Logistics, 365K sf
CEVA Logistics renewed its lease for 364,608 square feet at 5601 Northwest 72nd Avenue in Miami.
Devin White of CBRE represented the tenant in the deal. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, Clarion Partners.
UPS, 306K sf
UPS signed a lease for 305,750 square feet at Bridge Point Commerce Center, at 21201 Northwest 43rd Avenue in Miami Gardens.
CBRE’s Larry Dinner and Devin B. White represented the tenant. Tom O’Loughlin and David C. Albert of CBRE represented the landlord, Bridge Development Partners.
In 2018, Bridge Development Partners scored a $75 million construction loan and broke ground on the first phase of Bridge Point Commerce Center. The 2.1-million-square-foot industrial park spans 186 acres.
Universal Forest Products, 280K sf
Universal Forest Products signed a lease for 280,000 square feet at Prologis Gratigny Park 11400 Northwest 32nd Avenue in Miami.
Prologis is the landlord.
Miami International Freight Solutions, 192K sf
Miami International Freight Solutions renewed its lease for 192,454 square feet at Miami Lakes Business Park East at 14100 Northwest 60th Avenue in Miami Lakes.
Cushman & Wakefield’s Wayne Ramoski and Gian Rodriguez represented Miami International Freight Solutions in the deal. Carlos Velasquez and Rene Vivo of The Vivo Group represented the landlord, San Francisco-based Terreno Realty Corp.
The distribution facility was built in 1971 on a 13.2-acre site, according to Cushman & Wakefield.
SOURCE: TRD analysis of brokerage data, as provided by Colliers International, news clippings and market reports.