MIAMI—In the largest industrial lease per square foot inked in Miami-Dade since 2012, Seaboard Marine has inked a 267,400-square-foot lease renewal at Prologis Palmetto Tradeport in Medley, FL. The lease renewal includes a 64,000-square-foot expansion.
Seaboard Marine is PortMiami’s largest and most active cargo operator and freight transportation company, serving over 40 ports in 25 countries from its facilities at 8001 NW 79th Avenue in Medley and at PortMiami. The record-setting transaction is in place for 10 years.
Jones Lang LaSalle senior vice president Jonathan Kingsley represented Seaboard Marine. Brian Smith, executive director of Cushman & Wakefield, represented Prologis, which owns and manages more than 11 million square feet of industrial space in South Florida.
“Following a long-standing relationship with the landlord, we worked closely with Seaboard Marine and Prologis to strike a deal that would meet Seaboard’s near- and long-term expansion requirements and operational needs,” says Kingsley. “This transaction ensures Seaboard’s continued presence in Medley, while creating positive absorption of leasable space for Miami-Dade’s industrial market.”
Seaboard Marine has occupied about 200,000 square feet of industrial space in the Medley market for more than 20 years. The company employs nearly 600 in its Medley and PortMiami facilities combined. With this deal, the landlord and tenant teams secured a renewal and expansion of Seaboard Marine’s operational facilities, property upgrades and roadway and sidewalk improvements to the property’s surrounding area with the local government.
“This renewal and expansion within Prologis Palmetto Tradeport will allow Seaboard the flexibility to continue growing their business and enhance their operations with additional trailer parking and greater rail connectivity,” says Peter Crovo, vice president and market officer at Prologis South Florida. “This is a significant deal not only for the Medley market but for Miami, as Seaboard’s cargo and freight activity represents a significant contribution to Miami’s thriving business community.”