Newmark Grubb Knight Frank announced that it represented the landlord, an institutional client, in a $30 million long-term lease renewal at Medley Logistics Park.
The industrial park, a 670,000-square-foot three-building project, is located in the greater Miami area. Executive Managing Directors Steven Medwin, SIOR and Nick Wigoda, SIOR represented the landlord, while David Albert of CBRE represented the tenant, Bel USA, LLC.
Bel USA, LLC has been a tenant in the park since its completion in 2010. They use the 342,750-square-foot building to manufacture, distribute and sell promotional items like coffee mugs and t-shirts.
“This long-term renewal demonstrates how well this facility works for Bel USA”, said Medwin. “It also happens to be one of the largest lease renewals to occur in South Florida in several years.”
Medley Logistics Park is situated on 39 acres and offers direct frontage on the Florida Turnpike. The subject building has 32-foot ceiling height and more than 80 loading doors.
As NGKF’s fourth quarter South Florida Industrial report noted, Medley is the fourth largest industrial submarket in Miami totaling 25 million square feet. Robust demand for warehouse space helped Medley lead the County with more than 663,000 square feet of net absorption in 2016. Development in Medley slowed last year due to a lack of available industrial land. Only 390,000 square feet was delivered in 2016 after nearly 1.3 million square feet was built in 2015. Medley market conditions remain tight with a 4 percent vacancy rate.
Wigoda said, “Medley Logistic Park currently has 28,000 square feet of Class A warehouse space available for immediate occupancy.”