Lease roundup: Butters, Greystar score Miami Midway Park industrial tenant

GLB Solutions | Miami Midway Park 

Butters Construction & Development and Greystar scored a second tenant at their nearly finished Miami Midway Park industrial project. 

GLB Trucking, an affiliate of logistics firm GLB Solutions, took 52,000 square feet at 9695 Northwest 174th Street in northwest Miami-Dade County, according to Malcolm Butters, CEO of Butters. 

Peter Messina of SVN Commercial Realty represented Miami Gardens-based GLB. George Pino and Frank Trelles of State Street Realty, as well as JC Conte and Brian Ahearn of Butters represented the landlords. 

Coconut Creek-based Butters and Charleston, South Carolina-based Greystar are developing the 505,500-square-foot, four-building Miami Midway Park. The project will span 45 acres on the northeast corner of Northwest 170th Street and Northwest 97th Avenue in unincorporated Miami-Dade. 

Eerie, Pennsylvania-based Logistics Plus is the other firm that leased space, taking 181,000 square feet, Butters said.  

Miami Midway completion is slated for November, and GLB and Logistics Plus are expected to move in by year’s end. 

South Florida’s industrial market has remained on an upswing because of continued demand for space. In the first quarter, Miami-Dade’s vacancy rate was 3.2 percent, or flat compared with the same time period last year, according to CBRE. The asking rents jumped to $14.25 a square foot, a 14 percent increase year-over-year. 

IWC Schaffhausen, Jaeger-LeCoultre | Palm Beach 

Three watch boutiques and a restaurant by famous chef Thomas Keller took space on Palm Beach’s Worth Avenue. 

IWC Schaffhausen opened in 1,100 square feet at 219 Worth Avenue and Jaeger-LeCoultre took 820 square feet at 223 Worth Avenue, according to deal broker Zachary Baraf of The Stanwich Group. 

IWC and Jaeger-LeCoultre are watch boutiques affiliated with watch and jewelry store Greenleaf & Crosby, led by Win and Natalie Betteridge, that’s at 236 Worth Avenue. 

A third, unidentified luxury watches boutique will open in 2,200 square feet at 221 Worth Avenue in November, according to Baraf. 

Keller, who operates The Surf Club Restaurant in Surfside, will open his third South Florida dining outpost in 7,000 square feet at 221 Worth Avenue. Details about the type of restaurant and the expected opening date are unknown. 

Aspen, Colorado-based M Development owns the properties. An affiliate of the firm paid $58 million for a portfolio of Palm Beach retail and office properties, including the buildings where the leases were signed. The late Burton Handelsman, a longtime Palm Beach commercial landlord, sold the real estate.