NGKF South Florida to Lease 1.6 Million SF Turnpike1 Business Park in Miami-Dade
May 18, 2016
Newmark Grubb Knight Frank (NGKF) announces that they have been hired to market and lease the planned 1.6 million-square-foot Turnpike1 Business Park in Southwest Miami-Dade. Executive Managing Directors Steven Medwin and Nick Wigoda will lead the unique leasing and ownership opportunities for GBX Capital, a U.S. division of a major Brazilian developer that broke ground on the 117-acre site last month.
The multi-phase development has the capacity to develop projects from 5,000 square feet to over 250,000 square feet. Turnpike1 broke ground in April 2016. Phase one of Turnpike1 Business Park includes the first speculative industrial building that has been developed in more than five years. Building amenities will include state-of-the-art features like, 24-foot clear ceiling height, efficient column spacing, build–to-suit offices that incorporate the latest design features for better operational functionality, generous truck courts, surplus trailer storage and expansion land.
NGKF’s South Florida industrial team already has secured two major tenants for the project: Pepsico/Frito-Lay and Bianco Fine Foods. This location will serve as the distribution center for PepsiCo/Frito-Lay in South Miami-Dade and Monroe Counties. The remainder of the building is currently under lease negotiations with a global distribution company, which will bring Building A to 100 percent “pre-leased” status while still under construction. Due to the accelerated leasing activity of the park, plans and permitting are underway for Building B, which will be 43,000 square feet.
“The industrial market in Homestead has been longing for quality industrial product to serve the fast growing region of South Miami-Dade and Monroe Counties,” said Medwin. “We are seeing so much pent-up demand from large and small companies alike who are looking for Class A industrial space that’s been absent from the market for many years. Turnpike1 Business Park is the answer.”
As NGKF’s latest South Florida Industrial report noted, forecasts are continuing to predict industrial demand in the area, with the market poised for strong pre-leasing levels pushing the occupancy rate up to pre-recession levels at 95.5 percent, not seen since 2006. Southwest Miami-Dade has the second lowest vacancy in the South Florida industrial market.
“Turnpike1 Business Park will offer corporations in Miami an alternative to higher-priced industrial hubs with significant traffic congestion,” added Wigoda. “The property’s location will provide easy access to a rapidly growing population base, variety of amenities and major highways, and offer more competitive leasing rates and sale prices.”
Turnpike1 Business Park is near residential neighborhoods with an excellent labor pool, as well as restaurants, shopping centers and the Homestead Miami Speedway. The property is located between Miami and the Florida Keys, directly off the Florida Turnpike and US 1, with immediate access to major freight movement centers connecting South Florida with South America, Asia and Europe.
“We see the Miami industrial market ripe for new industrial and office space development and our project will help offer new, high quality space at affordable prices in order to meet the demands of both local and international businesses,” said Bret Bobo, Chief Operating Officer of GBX in the US. “This the first phase of the master-planned business park we are developing in Homestead and we have assembled an experienced team to carry the project forward.”
The project was designed by RLC Architects with Burke Construction as the general contractor.