Newmark Grubb Knight Frank (NGKF) has completed two large industrial leases valued at more than $11 million. Executive Managing Directors Steven Medwin, SIOR, and Nick Wigoda, SIOR, represented the tenant, Hyde Shipping Corporation, in the first transaction and the landlord in the second. “These transactions are indicative of the growth of the logistics business in South Florida,” Medwin and Wigoda explained.
Steve Medwin and Nick Wigoda, who have closed some of the largest commercial transactions in Miami, joined NGKF in April 2016. As the duo predicted, the South Florida industrial market has continued to grow at a rapid rate with nearly 3.0 million square feet of development completed in the past 18-months and more than 2.0 million square feet currently under construction.
Tenant Representation Transaction
In the first transaction, the team represented Florida-based Hyde Shipping Corporation in the expansion and relocation of their headquarters from 45,000 square feet to 70,000 square feet at County Line Corporate Park. Hyde will be occupying more than one-third of the to-be-built 200,000-square-foot warehouse located at 3740 West 104th Street, Hialeah, FL 33018.
“Hyde Shipping Corporation’s decision to expand its current footprint by nearly 50 percent is largely due to the steady growth of their business of shipping goods to and from the Caribbean and Central America,” Wigoda said. “As ocean freight and logistics businesses continue to grow, we wouldn’t be surprised if they expand further in their new facility.”
Hyde Shipping, an ocean shipping line founded in 1976, began as a small family-owned business located on the Miami River. Since then, the company has expanded exponentially to accommodate the ever growing industry demands.
Owner Representation Transaction
In the second transaction, Medwin and Wigoda represented the landlord in the 112,558 square foot lease to Expeditors International of Washington, Inc. The tenant will be occupying the remaining vacancy at International Distribution Center, a Class A, 385,818-square-foot property located at 3505 NW 107th Avenue in Doral Florida. The lease with this global, third-party logistics company brings the building to 100 percent occupancy. The tenant will be using their new facility to handle distribution of goods for two major retailers.
“Continued strong demand from consumers in South Florida is driving the expansion of logistics companies. This new lease with Expeditors International of Washington, Inc. demonstrates that trend,” Medwin added.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.