MIAMI—Another testament to the increasing demand in Miami’s industrial market, Krystal Logistics is nearly doubling its space in Flagler Station. The international freight forwarding and logistics company with offices in the US, Panama, Ecuador and Peru, signed an industrial lease for 78,000 square feet in a to-be-built distribution facility at Northwest 117th Avenue and 91st Street.
Krystal will remain in Flagler Station until it relocates in the fourth quarter of 2014 from its current 46,000-square-foot facility at 10301 Northwest 108th Avenue. CBRE’s David Albert, Devin White, and Andrew Lehrer represented the tenant. Flagler’s Chris Sutton represented the landlord.
“With several new class A projects under construction between Doral and Medley, there is fierce competition amongst the developers for larger tenants, defined as those that are greater than 50,000 square feet,” says White. “As a result, we have seen a stabilization of rental rates and tenants who are coming out of five-year leases have found great value in relocating to the new projects for essentially the same cost.”
The new industrial space in Flagler Station promises Krystal custom-built office space and 30-foot clear height compared to their current 24-foot clear height, and a secured truck court. The site also has direct exposure on the Florida Turnpike and trailer storage for up to 55 trailers.
“Krystal is in an expansion mode and this new space will help them grow efficiently under one roof while still providing future growth by utilizing the greater clear height,” says White. Flagler Station is one of South Florida’s largest master-planned commercial parks comprising over 4 million square feet of office, industrial, and retail space with the capability of adding an additional 2 million square feet of industrial product.