As South Florida’s industrial market continues to reach new heights, EastGroup Properties, Inc. has announced plans to build a state-of-the-art, 850,000-square-foot industrial park to accommodate serious logistics, distribution and supply chain occupiers. Strategically located on the Florida Turnpike at the N.W. 27th exit, the former practice track for Calder Race Course will serve a base of occupiers that until now had to travel several miles west or north to find the type of modern distribution space that sophisticated logistics companies require today.
Gateway Commerce Park will be owned, developed and managed by EastGroup Properties, Inc. The company’s portfolio, including projects that are leased up and under construction, includes just over 38 million square feet nationwide. The company is making a significant investment in the development of this corporate industrial park and is fully committed to its long-term success. Site development is expected to begin in the third quarter 2017 with plans for the first speculative building to be delivered in the second quarter 2018.
John Coleman, EastGroup’s Executive Vice President, said “This is EastGroup’s first venture into Miami-Dade County. We carefully analyzed this opportunity and quickly realized that as long-term owners this site will provide the quality and flexibility similar to other successful EastGroup parks in the Southeast. The location and access to this site is incredible. As experienced industrial developers, we look for sites with freeway connectivity, good demographics, access to labor, an infill location and highway visibility – Gateway has all those things and then some.”
Gateway Commerce Park will offer class “A” industrial buildings on a speculative basis as well as build-to-suit options. The 61-acre park will cater to a diverse range of users, from those seeking 20,000 to 40,000 square feet to larger users requiring high door counts. In addition to fluid connectivity to every major thoroughfare and its direct access to the Florida Turnpike, the park is also less than 12 miles from both Port Miami and Port Everglades.
In addition to the industrial product for lease there is also a seven-acre outparcel available for purchase. The zoning allows for a multitude of potential uses including hotel, retail, commercial and office. Avison Young’s Wayne Schuchts and Bobby Benton will be handling the sale of the seven-acre commercial outparcel.
Among the types of tenants for which the park is ideally suited for are heavy volume logistics firms, e-commerce companies and third-party logistics occupiers.
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.
