Attorneys Eric D. Rapkin of the Fort Lauderdale office of Akerman Senterfitt, and Burton A. Landy in the law firm's office here negotiated both the sublease and the earlier direct lease. Terms of the leases are undisclosed. The average asking rental rate for industrial space in this Medley submarket of Greater Miami is $5.84 per sf, according to fourth-quarter 2004 data from the local office of CB Richard Ellis.
"South Florida is a fertile region for Asian investments and will continue to attract the attention of expansion-minded companies from South Korea, Japan and China," Landy says. According to Beacon Council, Miami-Dade County's economic development organization, Hyundai Mobis is making a $1.2-million capital investment in the facility and plans to create 30 new jobs here within three years.
"We needed the additional 60,000 sf of space at our Miami facility because Hyundai Automotive Group is gaining market share in Latin America faster than I had anticipated," says Bosoon Yim, president of Mobis Parts. He calls Miami the "ideal logistics hub for distributing Hyundai and Kia auto parts to Latin America and the Caribbean."
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