DORAL, FL-Fresh flower importer Equiflor Corp. has signed a 50,855-sf, 10-year lease for warehouse space at International Corporate Park at 10165 NW 19th St. The pact is valued at $5 million.
The company, which was repped by Miami-based Capital Commercial Group, will use the space at its main headquarters and will have 10,000 sf of office space along with refrigerated storage to house the company's products. The lease represents a relocation and expansion for the company, which currently has operations in Miami.
The company expects to move into the space by the end of the year, Capital Commercial principal Ernesto Casal tells GlobeSt.com. "Miami Airport West remains the hub for most perishable companies, especially for fresh flower importers," Casal says. "This deal is representative of Miami's position as a major international cargo airport, where more than 60% of the cargo is perishable."
Casal says Equiflor had originally planned to buy space, but could not find any that was suitably priced because of the lack of available space. He notes that space available for lease is also tight with the submarket within Doral where Equiflor will locate, experiencing a 1% vacancy rate.
"What was most compelling about this deal was it was roughly 50% cheaper to lease space than to buy it despite the run-up in rent values the submarket has been experiencing," he says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
