MIAMI, May 29, 2018 – 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. Colliers International negotiated the lease on behalf of theseafood distributor, which will more than double its space when it relocates from 8550 NW 17th St. in Doral. 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. CBRE represented the tenant in the lease negotiations.
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.
About L&B Realty Advisors
L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor. Since 1965, L&B has provided real estate investment management services to institutional investors and high-net-worth individuals. With $8 billion under management and over 50 years’ experience, L&B has a proven track record of successfully acquiring, managing, and disposing real estate on behalf of our clients. As a portfolio manager, L&B executes full-service investment management, from acquisition to asset management to disposition. As an independent fiduciary, L&B provides financial advisory and owner representation services. To learn more, visit www.lbrealty.com/.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida