"We're seeing a lot of large, short-term requirements … with all the uncertainties in the economy," Eric Person of Grubb & Ellis tells GlobeSt.com, adding that although these three leases are for six to nine months, they have much value. "The space gets taken down and removed from the market."
In one recent deal, Smith Terminal Warehouse Co. has subleased 100,000 sf of industrial space from USCO Distribution Services. The space is located in Beacon Station at 10805 NW 100th St. in Medley, FL. Smith Terminal is a public warehousing company, which offers contract warehousing space.
This lease has an approximate estimated value in the $262,500 to $393,000 range, based on average sublease rental rates in the low to mid-$5 range per sf. Person of Grubb & Ellis represented USCO Distribution Services in this deal.
In another recent deal, Person represented DWD Warehousing as the tenant in a short-term, direct lease for 100,000 sf in Gratigny Industrial Park in North Central Dade County. The property owner of that space is AMB Property.
In addition, a third, 50,000-sf deal is getting ready to close, maybe next week, in Medley, Person says. This will be a sublease, but details were not yet released.
"These are all large companies that are doing short-term deals," Person says, noting large amounts of sublease space are also being taken in the area. "I think this is a very healthy sign for the industrial market."
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