Newmark Knight Frank (NKF) announced today it brokered the lease for an entire 157,400-square-foot industrial building at Eastview Commerce Center, a new 800,000-square-foot industrial park in Miami, Florida, being developed by Panattoni Development Company. Mr. Greens Produce, the largest privately-owned produce distributor in Florida, will fully occupy Building 1 within the Class A industrial park. The company will triple the size of its current facility after it completes its relocation in early 2020.
Mr. Greens Produce plans to construct more than 140,000 square feet of cooler space in the building to accommodate fresh produce which is distributed to South Florida’s top restaurants, hotels, grocery stores, caterers and country clubs. The company plans to have more than 200 employees working in the building, and will operate a fleet of more than 60 delivery trucks.
Located at 2450 NW 116th Street, Eastview Commerce Center is a new $100 million Class A industrial park that is expected to become one of South Florida’s premier “last-mile” hubs due to its proximity to Interstate 95, the Florida Turnpike, Miami International Airport and major seaports in Miami and Fort Lauderdale. NKF Miami’s Executive Managing Directors Nick Wigoda and Steve Medwin and Associate John Mejia represented the landlord, Panattoni Development Company. Carlos Velasquez and Tommy Gil of Vivo Real Estate Group represented Mr. Greens Produce.
This lease brings Phase 1 of the Park, totaling 350,000 square feet, to full occupancy. Phase 2 is nearing completion and already signed its first tenant, a 48,000 square foot high-end furniture company from Mexico City. To date, the NKF team has finalized seven leases at Eastview totaling approximately 400,000 square feet and valued in excess of $50 million.
“We are pleased to welcome Mr. Greens Produce to Eastview Commerce Center. They are the type of tenant that we had in mind when we conceived the project almost five years ago,” said Hayne Hamilton, Senior Development Manager at Panattoni Development Company.
“Eastview Commerce Center sets the standard for industrial space in North Central Miami-Dade,” said Medwin. “The brand-new building is optimized for the tenant’s daily business operations, and offers tremendous growth potential over the next decade.”
Whitfield Hamilton, Southeast Regional Partner at Panattoni Development Company, added “we are excited to see how well-received Eastview has been from South Florida tenants. As a company, we work hard to design and build facilities that match the needs of end users in each market where we develop.”
“We anticipate continued strong demand at Eastview Commerce Center due to the growth of local companies and an influx of new businesses in the region that are seeking Class A industrial space,” said Wigoda.
According to NKF’s 2Q19 South Florida industrial report, Miami’s industrial market has outperformed all of Florida’s other major markets and maintained the lowest vacancy rate in the state for a third consecutive quarter. Miami also dominated leasing activity for South Florida, accounting for 61% of total square feet in new leasing agreements across the region.
About Panattoni Development Company
Founded in 1986, Panattoni Development Company, Inc. is one of the largest privately held development companies worldwide. Panattoni is headquartered in Newport Beach and operates from 24 offices in the US, Canada, and Europe. Since inception, Panattoni has developed more than 340 million square feet of space including more than 118 million square feet of build-to-suit projects. Panattoni has developed industrial, office, and flex facilities in 278 cities located in 29 states and 9 countries.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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