Newmark Knight Frank Represents Buyer In $24 Million Industrial Land Acquisition

Nov 07, 2019 No Comments by

Newmark Knight Frank (NKF) represented the buyer in the $24 million acquisition of a 20-acre industrial site in Miami.

Panattoni Development Company (PDC) purchased the property at 3000 NW 123rd Street from a NY-based financial services firm.

The property is currently home to a vacant dairy plant. PDC plans to immediately redevelop the site with new speculative warehouse space, adding to its growing industrial portfolio in the submarket. Just east of the subject property, PDC is completing construction at Eastview Commerce Center, a new $100 million, 800,000-square-foot Class A business park at NW 24th Avenue and NW 119th Street. The project is more than 50% pre-leased and is expected to become one of South Florida’s premier “last-mile” hubs.

NKF’s Executive Managing Directors Nick Wigoda, SIOR, and Steve Medwin, SIOR, CCIM, represented the buyer and CBRE represented the seller.

 

“It’s no secret that Miami’s industrial market is land-constrained, with the e-commerce explosion and tremendous demand among tenants creating opportunities for developers in South Florida,” said Wigoda.

 

“This site has been underutilized for many years and was aggressively pursued by multiple institutional developers,” said Medwin.

 

“We are excited to acquire this rare infill site that will allow us to develop a state-of-the-art industrial product for expanding tenants in South Florida,” said Hayne Hamilton, Senior Development Manager for Panattoni Development Company.

According to NKF Research, Miami’s industrial sector saw a slight correction during third quarter, with a more balanced trend between supply and demand. Although market demand appeared to be moderating from previous robust quarters, this is more representative of a balanced quarter with pending occupations of preleased space in new industrial buildings projected to take place over the next two quarters. Healthy pre-leasing of these new buildings is projected to occupy 45.0% and should lessen their impact on vacancy, which will likely continue to tick upward as projects are completed.

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Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex, NA
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