The Real Deal Miami

PepsiCo/Frito-Lay inks lease at spec industrial park in Homestead

Brazilian developer broke ground on the 117-acre project in April

May 20, 2016 03:00PM

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A site plan for the Turnpike 1 Business Park under development in Homestead

A site plan for the Turnpike 1 Business Park under development in Homestead

PepsiCo/Frito-Lay will be among the tenants at a spec industrial park in Homestead, Newmark Grubb Knight Frank announced on Friday.

NGKF was hired to lease the Turnpike 1 Business Park, a 1.6-million-square-foot development under construction in southwest Miami-Dade. GBX Capital, a Brazilian developer and investor, broke ground on the 117-acre project in April, according to a press release.

NGKF’s Steven Medwin and Nick Wigoda are marketing and leasing the multi-phase park. They were also the agents on the property when JLL was hired to lease the spec development in the fall. Plans include 16 industrial buildings situated at the intersection of Southwest 336th Street and 147th Avenue, which is within a few miles of both U.S. 1 and Florida’s Turnpike.

The first phase includes a fully leased spec industrial building with 24-foot clear ceilings, build–to-suit offices, truck courts, surplus trailer storage and expansion land. PepsiCo/Frito-Lay’s new distribution center will serve south Miami-Dade and Monroe counties. Bianco Fine Foods will occupy space in phase one as well. The brokerage is also in negotiations with a global distribution company for the remainder of the building. The second building will span 43,000 square feet and is in the planning and permitting stage, according to the release.

Medwin said the industrial market in Homestead is lacking supply. Miami-Dade has 3.4 million square feet of industrial space in the pipeline, The Real Deal has reported.

“We are seeing so much pent-up demand from large and small companies alike who are looking for Class A industrial space that’s been absent from the market for many years,” he said in the release.

RLC Architects designed the project, which is near the Homestead Miami Speedway. Burke Construction is the general contractor. – Katherine Kallergis