Logistics Company Inks Deal For 78,000 SF

CBRE has arranged a lease for Krystal Logistics in Flagler Station, Building 36, a 130,000-square-foot building within Flagler Station business park.
The international freight forwarding and logistics company, with offices in the U.S., Panama, Ecuador and Peru, has signed a lease for 78,000 square feet in a to-be-built distribution facility located NW 117th Avenue and 91st Street.
The company will remain in Flagler Station and will relocate in Q4 2014 from its current 46,000-square-foot facility at 10301 NW 108th Avenue.  CBRE’s David Albert, Devin White and Andrew Lehrer represented the tenant and Chris Sutton with Flagler represented the landlord.
“With several new Class A projects under construction between Doral and Medley, there is fierce competition amongst the developers for larger tenants, defined as those that are greater than 50,000 square feet.  As a result, we have seen a stabilization of rental rates and tenants who are coming out of five-year leases have found great value in relocating to the new projects for essentially the same cost,” said CBRE’s Devin White.
The new space in Flagler Station provides Krystal with custom-built office space, 30-foot clear height compared to their current 24-foot clear height, a secured truck court, direct exposure on the Florida Turnpike and trailer storage for up to 55 trailers.
“Krystal is in an expansion mode and this new space will help them grow efficiently under one roof while still providing future growth by utilizing the greater clear height,” added Mr. White.
Flagler Station is one of South Florida’s largest master-planned commercial parks comprising over four million square feet of office, industrial and retail space with the capability of adding an additional two million square feet of industrial product.