Miami, FL, January 24, 2015 --(PR.com
)-- Cresa’s work to expand its industrial practice is bearing fruit. The tenant-only advisory firm has helped Vanguard Logistics Services, a leading neutral supplier of warehousing, inland distribution, and cross-dock services worldwide, find space for the next phase of its growth in a burgeoning Miami industrial market.
According to Cresa research, first quarter absorption outpaced deliveries in the U.S. industrial sector. U.S. industrial absorption was nearly 47 million square feet in the first quarter of 2014. Miami also saw positive absorption despite a flood of new inventory.
International trade plays an important role in Miami-Dade County’s economy. South Florida’s total merchandize with the rest of the world has more than doubled over a decade from $49.7 billion in 2002 to $112.82 billion in 2011, according to Miami-Dade County statistics.
Against the backdrop of this growth, Cresa represented Vanguard Logistics Services on a 135,000-square-foot lease at Flagler Station. The project is a build-to-suit in South Florida’s largest business park that includes class A office, warehouse/distribution, prime retail and office/showroom space, as well as prime land for build-to-suit opportunities like Vanguard’s.
“Vanguard is currently operating in two buildings in Medley and was looking to consolidate with a more efficient single-building layout,” said Charlie Barton, a Managing Principal at Cresa South Florida. “After an exhaustive 18-month search, we found a site that allowed Vanguard to be the single occupant allowing for input on building design and control of the entire building and a secured truck yard.”
Vanguard also explored various sites in Medley, Northwest Miami-Dade and the Airport West market before settling on Flagler Station. Barton says Flagler Station offered Vanguard the “right combination of location, pricing, design and timing.”
Flagler Station is located in the Airport West market. The newer industrial buildings in the park generally have rear-loading bays, up to 30-foot ceiling heights, and 10 percent of space reserved for office use. Railway access is right in the park, and air and sea transport is just minutes away. Industry leaders including, Ryder System, LagasseSweet and FedEx, among many others, continue to call Flagler Station home.
“Newer generation industrial buildings are offering higher ceilings, better lighting, more doors, fewer columns and wider spacing, and better security,” Barton said. “The availability of existing space in the area to accommodate Vanguard’s precise requirements were limited, making a build-to-suit the best solution. Vanguard can design its new home to exact specifications without a significant impact on key delivery dates.”
Cresa’s Orange County team, including Wayne Lamb, Jeff Cecil, and Jonti Bacharach, led the efforts for Vanguard. Cresa South Florida supported the leasing efforts locally.
Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Corporate Solutions, Portfolio Strategies, Location Planning, Lease Administration, Capital Markets, Mission Critical Solutions, and Facilities Services. With more than 58 offices, Cresa is the largest tenant representation firm in North America. For more information, visit www.cresa.com.