(Carl Cronan is editor of Real Estate Florida.)

MIAMI-The city’s North Dade industrial submarket is finding new strength as a value alternative for companies seeking access to major transportation centers in South Florida. The local office of Cushman & Wakefield of Florida has completed three lease deals totaling more than 200,000 square feet of warehouse space with a combined value of at least $5.5 million.

Transactions include a 96,395-square-foot lease to Xpress Global Logistics at 5959 NW 37th Ave. in Hialeah, with Cushman & Wakefield representing landlord TA Associates Realty Inc., and a 79,507-square-foot lease at 650 NE 185th St. in Miami, with Cushman & Wakefield brokers representing the tenant in negotiations with landlord Best Freezer Holdings. Also, Red Bull Distribution leased 30,000 square feet at 5125 NW 165th St. in Hialeah, with the firm representing landlord Bristol Group Inc.

Although specific terms for each transaction weren’t made available, asking rents within the North Dade submarket currently average around $5 per square foot, about half those in the more-active Airport West submarket. Brokers say North Dade remains an attractive option because of that type of cost savings.

“If a company is healthy, they’re looking to save money any way they can,” Brian Smith, senior director for industrial brokerage services with Cushman & Wakefield’s Miami office, tells GlobeSt.com. “A tenant can drive a harder bargain in North Dade than they can in Airport West.”

Smith, who worked with senior director Wayne Ramoski and associate director Audley Bosch on the Miami industrial team, notes that the North Dade submarket is well established yet has many buildings that are in sound enough condition to meet modern industrial needs. The buildings’ distant proximity to Miami International Airport makes them more of a bargain, he says.

Bosch adds that the team has noticed shorter durations on newer lease transactions during the ongoing economic slowdown while credit markets remain frozen. “These deals are in line with what we’re seeing nationwide—tenants taking a wait-and-see approach with shorter-term leases that meet their immediate needs,” Bosch says.

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?


© 2023 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 © 2023 ALM Global, LLC. All Rights Reserved.