CBRE Group Inc. was appointed by institutional investors advised by J.P. Morgan Asset Management to manage the South Florida Logistics Center, a 1,091,217-square-foot, world-class industrial project located at 3200 NW 67th Avenue, adjacent to Miami International Airport.
CBRE’s senior managing director Patricia Nooney will provide executive leadership for the team of director Betsy Bullard, and real estate manager Sharrel Mahan.
“At the heart of one of the nation’s leading—but also most supply-constrained—industrial markets, the South Florida Logistics Center is within a 60-minute drive of 77% of South Florida’s 6.1 million residents,” said Ms. Nooney. “In addition to a state-of-the-art, Class A+ construction, tenants enjoy immediate access to Miami International Airport, FECR Hialeah Railyard, Port Miami and Port Everglades, considerably simplifying their supply chain costs.”
CBRE will provide comprehensive asset services with a clear focus on maximizing asset value and revenue opportunities, as well as lowering operating and capital costs. Five buildings in the property are currently fully leased by companies in industries ranging from aviation to e-commerce, with more than one third of the property devoted to cold storage. Furthermore, the South Florida Logistics Center is an approved magnet site for Foreign Trade Zone No. 281, allowing tenants to operate their premises as a “FTZ” in order to mitigate customs duties.
The industrial project developed by Flagler currently has construction plans for three additional multi-tenant buildings.