Newmark today announced that its South Florida industrial brokerage team negotiated a 64,000 square foot lease with Tropical Foods, LLC at International Corporate Park, Building 2, a 115,200-square-foot facility west of Miami International Airport. Newmark represented the owner in the lease transaction, and was the only broker involved in the deal.
The new lease includes more than 50,000-square-feet of cooler space, plus offices and dry warehouse space.
“This deal is another example of the high demand for cold storage facilities in Miami,” said Steve Medwin, SIOR, CCIM, executive managing director, who leads the Newmark team with Nick Wigoda, SIOR, executive managing director. “Due to the large cost to convert dry warehouse space to specialized refrigerated space, existing facilities with the infrastructure in place are hard to come by.”
Tropical Foods is an exporter of U.S.-made dairy products to Latin America and the Caribbean. Wigoda noted that the new lease is double the space of the company’s previous 32,000-square-foot facility. “This exporter is growing due to the growth of the middle-class in Latin America and the high demand for quality U.S.-made products,” he said. “As an anchor tenant and occupying over half of the building, Tropical Foods now has the appropriate space to expand and meet the ever-growing demands from their clientele.”
Medwin noted that this is the second recent lease the Newmark team completed at International Corporate Park for a food company utilizing existing cold storage space. “J&C Tropicals leased 51,000-square-feet formerly occupied by a fresh flower company in September 2017, making it a quick transition for J&C Tropicals to move-in and hit the ground running,” he said.
International Corporate Park, Building 2 is a Class A industrial property built in 1997 on a three-acre parcel. The building has 17 loading docks and 24-foot ceiling heights. The building is 100 percent leased to two food distributors.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
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