MIAMI-Rreef will begin construction of Turnpike Distribution Center, a 268,114-sf spec distribution facility in the Medley submarket in November. The estimated construction cost is $23 million, and to mitigate rising construction costs, the Chicago-based member of Deutsche Bank Group pre-purchased all the projected steel needed for build-out.
Rreef has owned the 17.8-acre parcel at the crossroads of the Florida Turnpike and SR #27 since 2001. Mike Nigro, VP of development, tells GlobeSt.com, "with market conditions as ripe as they are, we felt it was an attractive time to deliver this type of product to the market."
He assigned exclusive marketing of the building to locally based Cushman & Wakefield of Florida. Wayne Ramoski and Brian Smith, senior directors, are leading the effort. "The rental rate is $6.95 per sf, gross, which includes a 10% office build-out," He says this computes to approximately $1-per-sf less than Airport West rental rates "where absorption and rents are at an all-time high."
The building, which will have a 30-foot clear ceiling height, has 1,400 sf of frontage along the Florida Turnpike. It also offers easy access to Interstate 75 and Miami and Fort Lauderdale.
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