Flower distributor takes 93,000 SF at Clarion’s Doral warehouse campus

Miami /
Dec.December 07, 2016 09:45 AM

The closing of another large-scale lease is a sign that Miami-Dade County’s industrial market is in full bloom this year.

Colour Republic, a wholesale flower seller and distributor, just agreed to lease 93,000 square feet of warehouse space at Clarion Partners’ Westpointe Business Park in Doral, marking the 12th-biggest lease inked in 2016.

Commercial brokerage Transwestern announced the deal Tuesday. The company’s Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria brokered the deal on behalf of Clarion, while Carlos Velasquez and Tommy Gil of Vivo Real Estate Group brought the tenant.

The announcement described Colour Republic’s lease as long term, though Kresse declined to disclose an exact term or the agreed upon price. However, data from the CoStar Group shows asking rents in the area average $9.21 per square foot.

Kresse told The Real Deal that the deal took about 30 days to come together: freestanding buildings as large as the one Colour Republic leased rarely stay unoccupied for long. The warehouse park’s close proximity to the Miami International Airport is also a big selling point to distributors, especially those in the flower business, which relies heavily on imports.

The lease brings Westpointe Business Park and its 285,000 square feet of rentable space up to 95 percent occupancy, Kresse said. Clarion, investing on behalf of a commingled fund, bought the three-building campus for $38.45 million in 2014, according to county records.

Industrial real estate has proven to be a hot ticket in Miami-Dade this year as the market tightens, both for investors and speculative developers. Some of the most notable recent developments have been Flagler Global Logistics’ massive Flagler Station industrial park, along with Bridge Development Partners’ continuously growing portfolio of warehouse projects in South Florida.


Related Articles

arrow_forward_ios
Stephen Schwarzman with the site (Getty, Google Maps)
Blackstone pays $21M for Doral industrial dev site
Blackstone pays $21M for Doral industrial dev site
Axonic's Clayton DeGiacinto and Jonathan Shechtman with 10000 Northwest 45th Terrace, Doral (Google Maps)
Axonic Properties pays $37M for bulk purchase of Doral condos
Axonic Properties pays $37M for bulk purchase of Doral condos
Costco CEO Craig Jelinek and 8300 Park Boulevard, Miami (Costco, Google Maps, iStock)
Costco sells site near Doral to Trammell Crow for $19M
Costco sells site near Doral to Trammell Crow for $19M
Mario Oliva of Banesco USA & 3155 Northwest 77th Avenue, Doral (Banesco, Google Maps)
Banesco USA pays $12M for new HQ in Doral
Banesco USA pays $12M for new HQ in Doral
Masoud Shojaee with rendering of Sanctuary at Doral and pictured with daughter Lilibet Shojaee (Shoma Group)
Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
1910 Northwest 97th Avenue, Doral and GLP's Alan Yang (Google Maps)
GCP pays $16M for Doral warehouse
GCP pays $16M for Doral warehouse
Miguel Alcivar, Wayne Ramoski, Gian Rodriguez, Dominic Montazemi and Skylar Stein of Cushman & Wakefield
MG3 buys former Miami Herald printing facility for $12M
MG3 buys former Miami Herald printing facility for $12M
The DoubleTree at 10250 Northwest 19th Street and Larry Beame (Credit: Google Maps)
Doral DoubleTree owner sues architect for $4M, alleging design errors
Doral DoubleTree owner sues architect for $4M, alleging design errors
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...