As new investment continues to pour into South Florida’s industrial market, JLL announced it has been appointed to exclusively lease the new development Turnpike 1 Business Park in Homestead, according to a release.
This represents the first speculative warehouse product to rise in the Homestead area in many years. The master plan for the industrial and business park is comprised of 1.6 million square feet of space.
JLL’s Managing Director Steven Medwin SIOR, CCIM, Nick Wigoda, Executive Vice President, and Matt Maciag, Associate, who lead the firm’s industrial practice in Miami, will spearhead leasing efforts for Turnpike 1 Business Park on behalf of GBX Capital, a major real estate and development group from Sao Paulo, Brazil. This project represents the entity’s first development in the US.
The construction of Turnpike 1 Business Park comes at a time when Miami is seeing significant demand for industrial space, driving the need for additional new inventory. The first phase is comprised of a 35,000-square-foot spec building that will feature 30’ clear ceiling height, dock high loading and build-to-suit office space.
“Turnpike 1 Business Park in Homestead will offer businesses in Miami an alternative to higher priced industrial hubs experiencing significant traffic congestion. The property’s location will provide easy access to a variety of amenities and major highways, while offering more competitive leasing rates,” Mr. Medwin said. “The industrial space will appeal to existing and new-to-market tenants seeking a location in the Southern portion of Miami-Dade County, away from the traffic congestion of areas such as Medley and Doral.”
GBX Capital is comprised of a group of Brazilian entrepreneurs and business executives who joined forces to establish Global Business Exchange, or GBX, specializing in a range of areas including structured financing, asset management, market research and analysis, risk management and project management. In Brazil, the firm just opened an 80-room hotel with a VIP lounge at Sao Paulo International Airport and is starting construction of Osasco City Hall inside its multi-purpose complex Estação Osasco Corporate Center, consisting of a shopping mall, four business towers, medical center with a hospital and diagnostics center, four residential buildings totalling 1,000 apartment units and 5,500 parking spaces with a subway station.
“We see the Miami industrial market ripe for new industrial and office space development and our project will help offer new, high quality space at affordable prices to meet the demands of both local and international businesses,” said Bret Bobo, GBX Managing Director in the USA. “This the first phase of the master-planned business park we are developing in Homestead and we have assembled an experienced team to carry the project forward.”
Construction of the new business park is slated to begin in the fourth quarter of this year.
Situated near the intersection of Southwest 336th Street and 147th Avenue, between Miami and the Florida Keys, the business park will provide convenient access to the area’s major transportation arteries, the Florida Turnpike and US 1. Leading the project’s design is Bruce W. Retzsch, AIA, of RLC Architects and Hernandez Construction will build the first spec building.