The Miami Industrial Team at ComReal announces the completion of a long-term lease for the +/-47,500 Sq. Ft. building known as the Gratigny Warehouse at 3360 NW 110th Street in Miami, Florida in Seaboard Industrial Park. Only six months after being sold and having gone through renovations, the building will now be occupied by HardTen Clothing Inc., a clothing company relocating its headquarters from New York. This brings the building to 100% occupancy. About 40-50 new jobs will be created.
The current owner bought the building, in August 2017, vacant and with a lot of deferred improvements needed. Since then, the building has undergone a complete renovation, including a new roof, renovated offices and additional loading doors. The building is one of the few freestanding buildings over 40,000 Sq.Ft. with rail access in Miami. Additionally, located inside Seaboard Industrial Park, the building provides companies great access to highways and the local labor pool. The area is home for companies such as Packaging Corporation of America, Winn Dixie, Performance Foods and the new Amazon warehouse.
The ComReal team positioned the building to attract tenants and buyers looking for efficient space at an attractive price. In the Miami Industrial market, all new developments are Class A, have high lease rates and are not available for sale, which leaves the companies looking to lease or purchase second generation space with fewer options. This building served those users.
“We had tremendous activity on this building with multiple offers; the great condition and location of the building made it a very attractive asset. Coincidentally, after the new Tax law passed, we saw an increase in interest from companies from States such as New York and California. In the end, a New York company leased it” commented Edison Vasquez.
Companies moving to Florida is a trend expected to continue as they leave high-tax states for states with low or no State Income Tax. Florida is a no State Income Tax state.
ComReal represented the landlord, Calico 2017, in the leasing of the building.
For more information on the transaction and for other available properties, contact the Miami Industrial Team at 786-433-2380.