CBRE Arranges 44,000-SF New Lease At Medley Industrial Park

Jul 09, 2020 No Comments by

CBRE  executed the lease of 44,259 square feet of industrial warehouse space at Flagler Station II in Medley.

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 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.

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.

 

 

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