Dade Paper & Bag will occupy 70,424 square feet at Flagler Station II in a sublease from PriceSmart.
In February 2017, Transwestern’s South Florida Industrial Team announced that PriceSmart Inc., the largest operator of membership warehouse clubs in Central America and the Caribbean, acquired a new 330,000-square-foot distribution center. Flagler Global Logistics built the Class A facility in Flagler Station Phase III located at 11441 NW 107th St. in Medley.
Transwestern Senior Managing Directors Ben Eisenberg and Walter Byrd, Senior Vice President Thomas Kresse, and Senior Associate Carlos Gaviria facilitated the build-to-suit purchase on behalf of PriceSmart for $45.56 million.
In addition to the new building, Transwestern negotiated a lease extension for 100,000 square feet of PriceSmart’s existing 360,000 square feet of occupied space within Flagler Station II, which PriceSmart used to expand its refrigerated and frozen space. Transwestern was then retained by PriceSmart to sublease the remaining 260,000 square feet of Class A space.
In addition to the sublease deal with Dade Paper & Bag, PriceSmart also was able to terminate its own lease for 122,000 square feet when two tenants struck longer-term deals directly with the building owner, The Blackstone Group. The deals leave approximately 70,000 square feet available for sublease.