Southeast Subsidiary Takes 300,000 SF

MIAMI-In what may be the biggest industrial lease in many years in South Florida, a newly formed subsidiary of Southeast Frozen Foods LLC has inked a 300,000-sf, multimillion-dollar lease in the city’s Beacon Station Business Park.

As a result of the deal, the company now occupies the entire distribution facility Lincoln Logistics Center. The building is located at 9350 N.W. 108th Ave. The Southeast Frozen Foods subsidiary is using the facility for dry grocery items. The lease closed Sept. 26, and the company took occupancy Oct 1, according to Harry E. Wardell, a broker involved in the lease. The deal was completed in two weeks.

Wardell tells GlobeSt.com that the company is paying near market rent for the area.

Beacon Station, South Florida’s largest business park, will have about nine million sf of commercial and industrial space and amenity retail on 960 acres at full build-out; currently, the park has 4.5 million sf. Beacon Station typically signs mid-term deals and has an average asking rental rate of between $5.40 and $6.35 per sf gross for industrial space.

Wardell and Steven J. Medwin, both vice presidents with Lincoln Property Co. here, represented the property owner, Lincoln PO Miami LP, in the transaction. The company bought the building several months ago from Caterpillar Logistics.

Michael Sigerman of Lucky Commercial Realty and Lee Katsikos of The Doran Jason Group represented the tenant.

Locally based Southeast Frozen Foods also has a large frozen food warehouse of more than 200,000 sf in North Dade County, as well as other facilities nationwide.