The Turnpike Commerce Center has broken ground near the Beacon Lakes business park in west Miami-Dade County.
Cadence Partners, led by Todd Watson, and partner Deutsche Wealth Management Services, also known as RREEF, will construct two buildings that total 182,000 square feet. The asking rent for the speculative project is $9.50 a square foot.
Hector Catano with Cornerstone International Realty is the leasing agent.
The 9.7-acre site is located just west of Florida’s Turnpike and north of State Road 836/Dolphin Expressway. It’s just behind the new Shops at Beacon Lakes, which is anchored by Home Depot. Dolphin Mall, Topgolf and IKEA are nearby. It’s also next to a new park-and-ride facility by Miami-Dade County Transit.
The developers, acting through RREEF CPIF Commerce Turnpike, acquired the property for $9.25 million in July 2019.
“With visibility and access to the Dolphin Expressway and the Florida Turnpike, and located within the Airport West submarket, we felt like this was the best positioned property that we could develop in Miami Dade,” Watson said. “We also understood that the retail amenities within walking distance of Home Depot and several fast-casual dining options meant that employees at this property would maintain efficiency and have real options for meals.”
While he hasn’t signed any leases yet, Watson said he’s seen increased activity from tenants seeking 60,000 to 90,000 square feet. With a 32-foot ceiling height, the project should be completed in July.