Logistics firm Ryder System pre-leased the entire Kurv Gratigny warehouse near the Miami-Opa locka Executive Airport, marking the largest known new industrial deal in Miami-Dade County so far this year.
Ryder System leased the 409,000-square-foot facility at 4700-4718 Northwest 135th Street, according to CBRE’s second quarter Miami-Dade industrial report. The property is in an unincorporated area of the county.
Ryder confirmed the lease, saying it will set up a new distribution center once construction of the facility is completed. The firm, founded in Miami over 90 years ago and now based in Coral Gables, has roughly 1.6 million square feet of warehouse and distribution space across Florida.
Kurv Industrial, previously called Bridge Industrial, completed the property last year, records show, as part of its South Florida development binge in recent years. The firm had paid $15.6 million for the 26-acre site in 2022 by assuming the land lease from AA Acquisitions, sources told The Real Deal at the time. The land lessor is Miami-Dade’s aviation department.
Kurv’s South Florida construction spree includes the 326,500-square-foot Kurv Miami Station with a pair of warehouses at 11690 Northwest 105th Street. The site previously was home to Ryder System’s headquarters in northwest Miami-Dade.
As a whole, Kurv has developed and purchased over 77 million square feet of industrial space nationwide. Since 2012, it’s purchased over 750 across in South Florida where it’s developing more than 12 million square feet of industrial space, according to a company news release.
After Ryder sold its former HQ, where it had been based since 2005, it moved to a smaller space in Coral Gables, citing the growth of the hybrid-work model as a reason. Ryder is led by John J. Diez.
As a whole, Miami-Dade industrial absorption is catching up to pre-pandemic levels, allowing the market to rebound after hefty new deliveries on spec amid slower big box leases of over 200,000 square feet, according to CBRE’s second quarter report.
The overall county vacancy ticked up to 7.1 percent in the second quarter, higher than the 6.3 percent during the same time last year, the report shows. Most of the large leases this year have been renewals, CBRE’s first and second quarter reports show. The second-largest new lease this year was Sentury Tire’s taking of 220,000 square feet at 11395 West 43rd Avenue in Hialeah, and Captiva Containers’ 173,000-square-foot lease at 3201 Northwest 110th Street in northwest Miami-Dade, according to CBRE’s reports.
Read more
Commercial
South Florida
Movers: Gian Rodriguez jumps from CBRE to Kurv Industrial