A new 65,500-square-foot industrial building is coming to Hialeah Gardens amid a wave of new industrial development.
CanPen Holdings is building a 65,500-square-foot warehouse at 14600 Northwest 112th Avenue. It marks the first development project for Medley-based CanPen Holdings, whose principals are Jose “Pepi” Cancio Jr. and Mario Penzo.
Cancio’s father, Jose Pepe Cancio Sr. founded and served as CEO of Central Concrete Supermix, which became one of the largest concrete companies in the U.S.
Interglass Corporation, a Miami-based tempered-glass distributor and fabricator, has already signed a deal to move its entire manufacturing operation to the Hialeah Gardens development, according to a release. It will be leasing the entire building. Easton & Associates president Jose Hernandez-Solaun represented both the landlord and tenant in the 25-year lease deal.
Records show CanPen paid $991,000 for the 3.76-acre property in 2018.
CanPen is planning to develop a separate parcel in Hialeah Gardens into a warehouse project with 26 bays that are 2,800 square feet each, Hernandez-Solaun said in the release. Easton has also been tapped to lease that property.
The industrial market has arguably been South Florida’s best performing asset class in recent years. However, some indicators suggest that market is cooling off due to high land prices and increased supply.
According to a recent report by Colliers International South Florida, in Miami-Dade County, vacancy rates for industrial properties rose to 4 percent, up 0.1 percent from the fourth quarter of 2018. Rents decreased to $9.47 from $9.70 during the first quarter of 2018, due to an increase in warehouses being delivered, according to the report.