Prologis Inks 308 KSF Renewal at Miami Industrial Campus

Prologis has signed two long-term renewals totaling 308,000 square feet at its 880,000-square-foot industrial park in Medley, Fla., Miami metro. The tenants are Seaboard Marine, Ltd. and Seaboard Solutions, Inc., both wholly owned subsidiaries of Seaboard Corp.

Colliers Vice Chairman Jonathan Kingsley represented the tenant. JLL Executive Managing Director Brian Smith negotiated on behalf of the landlord.

Other tenants at the industrial campus include Zaimella USA, Cal-Maine Foods, Inc., SPEC Building Materials, Diamond Automotive Group Florida and Rodatech Automotive, among others, CommercialEdge shows.

Seaboard Marine provides cargo shipping services in more than 26 countries, with its U.S. operations including terminals at Port of Houston and PortMiami, the latter being where the company serves as the largest cargo operator.

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Prologis Palmetto Tradeport comprises four buildings at 7800-7890 N.W. 80th St. and 8001 N.W. 79th Ave. The Class A facilities include office suites ranging from 4,525 to 5,200 square feet, 24-foot clear heights, 175-foot building depth, dock-high doors, drive-in doors, ample column spacing and a total of 667 vehicle parking spots. Prologis bought the asset in 2010, in a $66.8 million portfolio deal from seller TA Realty, according to CommercialEdge.

Prologis Palmetto Tradeport allows easy access to State Route 27, Interstate 95, Florida’s Turnpike and Palmetto Expressway, while being 11 miles from Miami International Airport, 16 miles from PortMiami, 29 miles from Fort Lauderdale International Airport and within 31 miles of Fort Lauderdale, Fla.

Miami’s solid rent growth

According to a recent CommercialEdge report, Miami remained the priciest industrial market in the Southern U.S., with in-place rents at $10.69 per square foot as of December. Year-over-year rent growth in the metro stood at 9.8 percent—240 basis points above the national rate. Vacancy was at a healthy 4.4 percent, below the U.S.’ 4.6 percent.

Industrial real estate will likely remain a top-performing asset class this year, despite an anticipated slowdown. Construction starts will likely drop as capital costs remain high, while tenant demand will lead to more build-to-suits projects.