(To read more on the industrial market, click here.)

MIAMI-In a deal valued at an estimated $75 million, Crossroads Transportation & Logistics has signed a 978,164-sf, long-term lease for warehouse and office space at Centergate at Gratigny. Crossroads, a warehousing, transportation and fulfillment services company, plans to relocate its headquarters here from Indianapolis.

The property was formerly occupied by ABC Distributing, which closed in June. The 1.6-million-sf, 74-acre Centergate at Gratigny is owned by Chicago-based Higgins Development Partners, which acquired the property in August 2006.

“This property serves as an excellent entry point into South Florida, and we look forward to working with Crossroads Transportation & Logistics in making this facility one of the premier logistics centers in the region,” says Edward Okun, CEO of Okun Holdings Inc., the parent company of Crossroads Transportation & Logistics.

Higgins Development Partners senior vice president Eugene Preston tells GlobeSt.com that the company has started to move some of its operations to the new location, but the move is ongoing. “The Airport North submarket is very healthy, that’s one of the reasons we acquired the property,” Higgins says.

Fairchild Partners Inc. principal Jose Juncadella represented Higgins Development Partners in the transaction. ComReal Miami Edward Redlich and Viktoria, of locally based ComReal Miami, represented Crossroads. “Miami has about 200 million sf of industrial space with only about eight million sf that is vacant,” Redlich says. “Crossroads was fortunate to acquire this much contiguous space in such as tight market.”

The Centergate at Gratigny is situated at the southeast intersection of the Gratigny Parkway (State Road 924) and NW 42nd Avenue (LeJeune Road) and offers access Miami International Airport, the Port of Miami and all the major thoroughfares in the region. The property features 32-ft clear height ceilings and an Early Suppression Fast Response sprinkler system.

Higgins plans to build two additional warehouse and office facilities totaling 700,000 sf on the property’s remaining 27.3 acres of adjacent undeveloped land. Preston says the company is seeking approvals for the new development and is planning to break ground later this year. The project is expected to be completed in the second quarter of 2008.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.