Newmark South Florida Industrial Team Closes Nearly $150 Million in Transactions in 2017
February 1, 2018
Growing Brokerage Team Leases Over 1.3 Million Square Feet in South Florida
MIAMI- Newmark Knight Frank announced today that its South Florida industrial brokerage team has leased more than 1.3 million square feet of space in 2017 and added two new brokers to their growing team. “We continue to help our institutional clients increase their portfolios, keep their buildings full and create value for their partners and shareholders,” Nick Wigoda, SIOR, executive managing director said. “Additionally, our market knowledge and experience allowed us to help our occupier clients find the right space at the best possible terms so their businesses can continue to grow in South Florida,” said Steve Medwin, SIOR, CCIM, executive managing director.
In early 2017, John Mejia was brought onboard as an associate in the Miami office to assist the team in Miami-Dade County. Mejia utilizes his strong financial analysis skills to create effective real estate strategies for owners and occupiers of office and warehouse space. During the fourth quarter of 2017, Broward-based Greg Milopoulos joined the team as an associate director. Prior to entering the commercial brokerage industry in 2010, Milopoulos was involved in real estate development as a licensed General Contractor, and brings with him knowledge of ground-up construction and tenant improvements.
The Newmark team’s major 2017 transactions included:
- Bel USA, LLC renewing its 343,000-square-foot lease with Morgan Stanley Real Estate at Medley Logistics Park, a 670,000-square-foot, 39-acre business park in the greater Miami area. The transaction was valued at more than $30 million. “This long-term renewal demonstrates how well this facility works for Bel USA,” said Medwin. “It also happens to be one of the largest lease renewals to occur in South Florida in several years.”
- FedEx renewing its 107,000-square-foot lease withGlobal Logistic Properties (“GLP”) at International Corporate Park, a master-planned business park in the Airport West submarket, in a deal valued in excess of $12 million.
- Ice River Springs, a Canadian-based international water bottling company, leasing 97,000 square feet at Miami Industrial Logistics Center in Hialeah Gardens from Duke Realty in a deal valued in excess of $6 million. This is the company’s first location in South Florida and “reinforces the strength of the local industrial market, with a new-to-market tenant moving to the area and absorbing state-of-the-art warehouse, manufacturing and distribution space,” said Wigoda.
- FDC Vitamins renewing its four-building, 160,000-square-foot manufacturing campus lease in Miami Lakes with GLP in a transaction valued at more than $5 million.
- The Newmark industrial team was named as the exclusive leasing agent for Eastview Commerce Center (ECC), an 80-acre master-planned business park in the heart of Miami-Dade County. Panattoni Development Company purchased the land in 2017 and is planning a $100 million development with approximately 800,000 square feet of institutional-grade logistics and warehouse space. The first three buildings are scheduled to be delivered this summer. “Eastview Commerce Center offers a tremendous opportunity for tenants in South Florida’s tight industrial market,” said Medwin. “ECC’s three buildings can accommodate tenants from 20,000 to 160,000 square feet and offer build-to-suit opportunities up to 350,000 square feet.”
Newmark, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our 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. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.