The Real Deal Miami

Port of Miami’s largest shipping company inks Medley expansion deal

April 20, 2011 03:21PM

Seaboard Marine, the Port of Miami’s largest container cargo shipping company, has expanded with a 36,000-square-foot lease in Medley. The new space, at 7860 N.W. 80th Street in the Miami-Dade International Logistics Park, will be used for distribution and is located next to the 166,000-square-foot facility it is already using. Many industry-watchers expect demand for warehouse space to rise in the coming years, following the completion of the Panama Canal expansion in 2014. That’s causing some companies that downsized during the recession to play “catch-up” now, according to Jonathan Kingsley of Grubb & Ellis, which represented Seaboard in the deal. “There has been a mad rush for additional space,” he said, noting a recent deal near Seaboard’s new site by discount clothing retailer Forever 21, where it plans to store inventory. [SFBJ]