Logistics Company Inks Deal For Another 69,000 SF In Medley

Neutralogistics has expanded its lease at Airport North Logistics Park (ALP) by 68,787 square feet, bringing the 900,000-square-foot, Class A, master-planned industrial project to 75 percent leased.

The Miami-based logistics company already occupies 105,920 square feet at Building 1 and will be expanding into Building 2.

Cushman & Wakefield Executive Director Wayne Ramoski, Director Gian Rodriguez and Senior Associate Skylar Stein, as exclusive leasing agents for the property, represented the landlord, Dallas-based L&B Realty Advisors, LLC, in the lease negotiations.

Juan Ruiz with Blanca Commercial Real Estate represented the tenant.

“The property’s premier location with unique access to expressways and other major business hubs aligns with Neutralogistics’ strategic business objectives and expansion plans over the next few years,” said Alex Tellez, Founder and CEO of Neutralogistics.

The expansion, finalized in late April, marks the third lease in as many months to be signed at ALP, one of which was a 106,000-square-foot build-to-suit deal with Marine Harvest ASA. Developers broke ground on the facility in early May and it is expected to be complete by year-end.

In February, Nestlé Waters North America signed a 257,074-square-foot lease to occupy Building 3 of ALP in its entirety.

ALP is located in Medley, about 10 miles northwest of Miami, at 8501-8503 NW 80th St. It offers state-of-the-art warehouse and distribution space with clear heights up to 32 feet, a 190-foot concrete truck court and ample parking. The property boasts close proximity to Miami International Airport and Port Miami.

Buildings 1, 3 and 4 are now fully leased. Approximately 211,000 square feet remain available in Building 2.

 

Source:  CRE-sources