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MIAMI-Cruise Logistics has signed a 70,000-sf lease at the Turnpike Distribution Center at 11401 NW 134th St. in nearby Medley. Locally based Codina Realty Services senior associate George Pino represented the tenant while Cushman & Wakefield broker Wayne Romowsky represented the building owner, New York-based Rreef.

The 268,000-sf Turnpike Distribution Center is under construction and is expected to be completed in December. The asking price for rents is $9.75 per sf. Cruise Logistics, which will use the space as its new corporate distribution center, “chose this space because of its frontage to the Florida Turnpike,” Pino tells GlobeSt.com. “The company also chose it because it has 30-foot ceiling heights. Most buildings in this area have only 24-foot ceilings.”

The move represents a relocation and expansion for the company, which is currently leasing 40,000 sf in the Beacon Industrial Park. “We did an extensive study of the area and considered spaces in Doral, the Miami Airport area and Medley,” Pino says. “This was the location that best fit their needs.”

This is the latest lease in an area that has experienced strong leasing conditions in recent months. According to a Grubb & Ellis Q3 industrial market report, Medley has 17.8 million sf of total industrial space, 626,759 of which is unoccupied, for a 3.5% vacancy rate. There was 401,440 sf of absorption during the quarter and 403,715 sf of absorption year-to-date. There is currently 803,132 sf under construction, including the Turnpike Distribution Center and average asking rents for warehouse/distribution space is $6.40 per sf, the report states.

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