MIAMI—Airport Industrial just inked its first lease. Neutrologistics took down space in Building One of the 900,000-square-foot Airport North Logistics Park (ALP), a class A industrial park in the first phase of development in Miami’s Airport North-Medley market.
Cushman & Wakefield executive director Wayne Ramoski and associate director Gian Rodriguez represented Airport North in the five-year, 105,920-square-foot lease with Neutralogistics. Blanca Commercial Real Estate executive vice president Juan Ruiz represented Neutralogistics.
“This is a great fit for a fast-growing company like Neutralogistics,” Ramoski tells GlobeSt.com. “ALP offers value through a prestigious address, state-of-the-art warehouse space and superior access to South Florida’s distribution routes.”
ALP is a 45-acre Miami-Dade County master-planned industrial park located at 8502 Northwest 80th Street. According to CushWake, its strategic location near Miami International Airport and Port Miami sets it apart from competitive properties.
“In addition to ALP’s above-standard class A industrial attributes, the future northern expansion of Northwest 87th Avenue will provide Neutralogistics with a direct link to their other facility in Doral,” added Ruiz. Neutralogistics, which is expanding northward from Doral, is a full-service logistics company specializing in freight management, imports, exports, trucking, warehousing, distribution and brokerage.
Phase One of the project offers ±900,000 square feet of state-of-the-art warehouse and distribution space in four separate industrial buildings. Building One is a rear-load, multi-bay facility that offers built-to-suit office space, a 120-foot unshared concrete truck court, clear heights up to 34 feet, 57 overhead doors, two ramps, generous column spacing, a 60-foot staging bay, ESFR sprinkler system, 227 parking spaces and T–5 energy efficient lighting.
CushWake research indicates that the Miami industrial market has excellent fundamentals that is encouraging new development, which is rapidly absorbed in turn. The industrial market’s overall vacancy level fell by 40 basis points in the past 12 months on elevated demand for warehouse-distribution and office services space, ending the year at 5.7%.