Medley Submarket Sees Highest Industrial Demand in Miami-Dade in 2018
February 01, 2019
Medley, Fla. – Transwestern’s South Florida industrial team today announces it has negotiated two industrial lease transactions totaling 53,201 square feet in Miami-Dade County submarket Medley, Florida. Transwestern Vice President Carlos Gaviria, Senior Managing Directors Walter Byrd and Ben Eisenberg, and Managing Director Thomas Kresse and facilitated the transactions.
Goodwill Industries of South Florida, a nonprofit organization that assists people with disabilities and other barriers to employment, signed a new 32,001-square-foot industrial lease at 9302 N.W 101 St. in Medley. On behalf of the tenant, Transwestern swiftly identified a facility which met all of Goodwill’s requirements including immediate occupancy, ability to park additional trailers on site, and strict adherence to budget. Mike Silva of Americas Industrial represented the landlord.
Additionally, Transwestern negotiated a 21,200-square-foot sublease on behalf of H-E Parts, a leading independent supplier of parts, remanufactured components, and equipment to global mining, energy, and construction sectors, with sublessee Beltmann Relocation Group, a moving, packing, and storage company, at 8050 N.W. 77 Ct. in Medley. H-E Parts no longer required a facility of this size to serve its customer base in Miami but needed to find a group that could take over the lease immediately and accept the facility as-is with a 30 percent office buildout. As a result of meticulous efforts, Transwestern secured a high-credit subtenant for the space. Helen Weissman of CBRE represented Beltmann Relocation Group.
“Our ability to quickly secure and finalize the transactions within constricted timeframes is a testament to the strong demand for industrial space in Medley and the seamless collaboration amongst all parties,” said Gaviria.
According to market research by Transwestern, demand throughout 2018 was mainly focused in the Medley, Hialeah, and Miami Airport areas, with Medley consistently posting the highest level of absorption.
“We anticipate a continued demand uptick in Medley as the nearby Hialeah and Miami Airport areas become increasingly tight, reporting vacancy rates in the low single digits,” said Eisenberg.
Transwestern’s 2019 Broker Sentiment Survey shows leasing activity, tenant walk-throughs, asking rents, and development in the industrial market are all expected to increase, as a growing population increases demand for consumer goods. Over half of respondents across the U.S. expect asking rents and tenant prospects to be slightly higher.
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