April 24, 2018
MIAMI – Transwestern’s South Florida industrial team today announces it represented long-standing client PriceSmart Inc., the largest operator of membership warehouse clubs in Central America and the Caribbean, in negotiations totaling 192,424-square-feet at a Class A distribution center in Flagler Station Phase II at 10800 NW 100th St. in Medley, Florida.
Transwestern Senior Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse, and Vice President Carlos Gaviria facilitated a 70,424-square-foot sublease with Dade Paper & Bag, one of the largest distributors of disposable food service and janitorial supplies in North America. Additionally, the team assisted PriceSmart with terminating its lease for 122,000 square feet that had previously been listed for sublease by the membership warehouse operator.
“PriceSmart’s lease agreements at Flagler Station have involved many moving parts from inception, including development coordination, site plan modifications, extensions, terminations, and subleasing,” said Eisenberg. “We are pleased to expand on and deliver an extensive breadth of services for our client.”
The recent deals chip away at a 262,895-square-foot block that PriceSmart listed for sublease upon migrating the majority of its operations to another building in Flagler Station last year. With these transactions complete, PriceSmart still has two 35,000-square-foot spaces available for sublease.
“Miami-Dade County’s Medley submarket has seen significant industrial demand for 13 consecutive quarters with vacancy rates under 4 percent,” added Eisenberg. “With the imbalance between available space and demand, absorption is poised to outpace the rate of deliveries, making the available space for sublease at Flagler Station II a hot commodity.”
Dade Paper & Bag was represented by Steve Medwin at Newmark Knight Frank.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.