EastGroup unveils plans for Miami Gardens industrial park

Net asking rents range from $7.50 psf to $7.75 psf

Miami /
Jun.June 13, 2017 04:30 PM

A former race track in north Miami-Dade County will soon be developed into an industrial park.

EastGroup Properties announced it plans to begin construction of Gateway Commerce Park, an 850,000-square-foot development in Miami Gardens, later this year.

The Jackson, Mississippi-based real estate investment trust just released renderings and plans for a 61-acre site that was previously home to the practice track for Calder Race Course. EastGroup purchased the development site in November for $26.5 million, which breaks down to about $434,000 per acre.

Gateway Commerce Park marks the first project for EastGroup in Miami-Dade, executive vice president John Coleman said. JLL’s Brian Smith, Audley Bosch, Matt Maciag and Juan Rodriguez will handle leasing.

Coleman said the five-phase project will have spaces ranging from about 20,000 square feet to 200,000 square feet. The first 200,000-square-foot building will go vertical early next year and will be delivered about six months later. EastGroup is working on securing permits for infrastructure now.

Net asking rents will range roughly from $7.50 per square foot to $7.75 per square feet, Coleman said. He declined to comment on whether EastGroup will take out construction loans for Gateway Commerce Park.

In addition to heavy volume logistics firms and third-party logistics occupiers, the developer is banking on e-commerce tenants to lease space at the industrial park. Coleman said there’s increased demand for “last mile delivery. The speed of delivery is becoming more and more important for e-commerce.”

Just last week, Amazon signed a deal to open a third distribution center, an 800,000-square-foot warehouse, at Opa Locka Executive Airport. The warehouse will be a sortation center and Prime Now hub for the area.

EastGroup’s site fronts the Florida Turnpike and is less than 12 miles from Port Miami and Port Everglades, according to a press release.

The Class A industrial buildings will have high ceilings, glass storefronts and docks in the rear.

The land was part of the 232-acre Calder Casino and Race Course at 21001 Northwest 27th Avenue, which Churchill Downs still owns. Churchill Downs purchased the racetrack in 1999 and added the casino in 2010, according to its website. It’s also near the Hard Rock Stadium.

A 7-acre outparcel is listed for sale with Avison Young, according to the release.

EastGroup has more than 38 million square feet of industrial space that’s completed or under construction in its portfolio.


Related Articles

arrow_forward_ios
Lithia CEO Brian DeBoer with the Largo Honda at 554 Northeast First Avenue in Florida City and the Esserman dealership at 10455 Northwest 12th Street in Doral (Southern Oregon University, Google Maps, Largo Honda)
Off the lot: Miami-Dade auto dealership properties trade for $96M
Off the lot: Miami-Dade auto dealership properties trade for $96M
1600 Northeast 12th Terrace
Triangle Services pays $17.5M for Fort Lauderdale industrial building
Triangle Services pays $17.5M for Fort Lauderdale industrial building
Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
EverWest Real Estate Investors' Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens (Commercial Property Group, EverWest Real Estate Investors, iStock)
EverWest buys Hialeah Gardens industrial building for $43M
EverWest buys Hialeah Gardens industrial building for $43M
First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
First Industrial picks up Pompano Beach manufacturing facility for $25M
First Industrial picks up Pompano Beach manufacturing facility for $25M
Cymbal's Asi Cymbal and Hector Torres with rendering of proposed Miami Gardens apartments (Jo Palma + Partners Corporation)
Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments
Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
RFR's Aby Rosen with 100 Biscayne, RFR, Lease Roundup
Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami
Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami
arrow_forward_ios

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

Loading...