Thursday, September 26th 2019

Newmark Knight Frank Brokers Lease for 157,400-SF Industrial Building

Sep 23, 2019

Newmark Knight Frank (NKF) has brokered the lease for an entire 157,400-square-foot industrial building at Eastview Commerce Center, a new 800,000-square-foot industrial park in Miami, being developed by Panattoni Development Company.

Mr. Greens Produce, the largest privately-owned produce distributor in Florida, will fully occupy Building 1 within the Class A industrial park. The company will triple the size of its current facility after it completes its relocation in early 2020.

Mr. Greens Produce plans to construct more than 140,000 square feet of cooler space in the building to accommodate fresh produce which is distributed to South Florida’s top restaurants, hotels, grocery stores, caterers and country clubs. The company plans to have more than 200 employees working in the building and will operate a fleet of more than 60 delivery trucks.

Located at 2450 NW 116th Street, Eastview Commerce Center is a new $100 million Class A industrial park that is expected to become one of South Florida’s premier “last-mile” hubs due to its proximity to Interstate 95, the Florida Turnpike, Miami International Airport and major seaports in Miami and Fort Lauderdale.

NKF Miami’s Executive Managing Directors Nick Wigoda and Steve Medwin and Associate John Mejia represented the landlord, Panattoni Development Company. Carlos Velasquez and Tommy Gil of Vivo Real Estate Group represented Mr. Greens Produce.

The lease brings Phase 1 of the Park, totaling 350,000 square feet, to full occupancy. Phase 2 is nearing completion and already signed its first tenant, a 48,000 square foot high-end furniture company from Mexico City. To date, the NKF team has finalized seven leases at Eastview totaling approximately 400,000 square feet and valued in excess of $50 million.

“We are pleased to welcome Mr. Greens Produce to Eastview Commerce Center. They are the type of tenant that we had in mind when we conceived the project almost five years ago,” said Hayne Hamilton, Senior Development Manager at Panattoni Development Company.

“Eastview Commerce Center sets the standard for industrial space in North Central Miami-Dade,” said Medwin. “The brand-new building is optimized for the tenant’s daily business operations, and offers tremendous growth potential over the next decade.”

Whitfield Hamilton, Southeast Regional Partner at Panattoni Development Company, added “we are excited to see how well-received Eastview has been from South Florida tenants. As a company, we work hard to design and build facilities that match the needs of end users in each market where we develop.”

“We anticipate continued strong demand at Eastview Commerce Center due to the growth of local companies and an influx of new businesses in the region that are seeking Class A industrial space,” said Wigoda.

According to NKF’s 2Q19 South Florida industrial report, Miami’s industrial market has outperformed all of Florida’s other major markets and maintained the lowest vacancy rate in the state for a third consecutive quarter. Miami also dominated leasing activity for South Florida, accounting for 61% of total square feet in new leasing agreements across the region.

CRE Sources