Transwestern’s South Florida industrial team announced it facilitated two sublease transactions totaling 70,471 square feet at Flagler Station Phase II in Medley for PriceSmart Inc., the largest operator of membership warehouse clubs in Central America and the Caribbean.
The transactions consumed what remained of the 262,382-square-foot block that PriceSmart listed for sublease upon migrating the majority of its operations to a brand-new building in Flagler Station last year.
Transwestern Senior Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse, and Vice President Carlos Gaviria negotiated the following deals on behalf of PriceSmart:
• Chao Yang Tires LLC, the number one tire manufacturer in mainland China that recently expanded its distribution to South Florida, signed a 35,271-square-foot sublease at 10800 NW 100th St. Peter Garcia of SLS Real Estate Partners represented Chao Yang Tires.
• Zippy Shell, a national portable storage and moving company, signed a 35,200-square-foot sublease at 10801 NW 97th St. Steve Medwin of Newmark Knight Frank represented Zippy Shell.
“Subleasing the final spaces of PriceSmart’s vacated space at Flager Station II comes on the heels of our completion of the 70,424-square-foot sublease with Dade Paper & Bag along with two separate lease terminations totaling nearly 122,000 square feet,” said Eisenberg. “Our team is proud to have expertly delivered on our client’s needs and to have spearheaded PriceSmart’s release from its vacant space at the park years in advance of the lease expirations.”
Miami remains one of the tightest industrial markets regarding vacancy with an average rate of 4.8 percent, according to research by Transwestern. The lack of space over recent years has caused construction activity to heighten with 3.3 million square feet of space under construction, 57 percent of which has been preleased. In first quarter 2018, the Medley submarket reported vacancy at 7.4 percent, a temporary bump caused by the completion of more than 2 million square feet during 2017. The market is on track to absorb the new product and keep vacancy near or at 5 percent.