A 1.6 million-square-foot speculative warehouse complex that’s under development in Homestead has begun leasing for its first phase.
The complex, dubbed Turnpike 1 Business Park, is being developed by Brazilian firm GBX Capital. 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.
“We see the Miami industrial market ripe for new industrial and office space development and our project will help offer new, high quality space at affordable prices to meet the demands of both local and international businesses,” Bret Bobo, GBX managing director in the United States, said in a statement. “This the first phase of the master-planned business park we are developing in Homestead and we have assembled an experienced team to carry the project forward.”
GBX brought on commercial brokerage JLL to lease out the park, beginning with its first phase: a 35,000-square-foot building with 30-foot ceilings, loading docks and built-to-suit office space.
JLL members Steven Medwin, Nick Wigoda Matt Maciag will work on leasing the park, which is expected to break ground in the fourth quarter of this year.
“Turnpike 1 Business Park in Homestead will offer businesses in Miami an alternative to higher priced industrial hubs experiencing significant traffic congestion,” Medwin said in a statement. “The property’s location will provide easy access to a variety of amenities and major highways, while offering more competitive leasing rates.” — Sean Stewart-Muniz