GlobeSt.com EXCLUSIVE: Industrial Team Signs 502,000 SF in New Deals

MIAMI-The Cushman & Wakefield veteran brokerage team Brian Smith and Wayne Ramoski have completed 502,000 sf in industrial sales and leasing transactions in the first quarter. The deals are worth an estimated $17.5 million combined.In two separate transactions, Hughes Supply sold 13-plus acres of property combined. Hughes had moved to the approximately 4.5-million-sf Flagler Station Business Park, formerly Beacon Station, and left a 24-acre site to be sold. Smith and Ramoski subdivided the land and sold two parts. They have letters of intent for the remaining 10-plus acres of Hughes land.In the first deal, Permont Development LLC purchased a 79,000-sf warehouse on 10 acres of land at Northwest 110th Avenue and 14th Street. The sale, which closed in March, carried a $5.5-million price tag.In the other deal, Cusa Investments bought approximately 3.4 acres of industrial-zoned land from Hughes Supply for $1.4 million. The sale of this property, at Northwest 110th Avenue and 15th Street, closed in February.In an unrelated sale, AMB Property Corp. purchased a 129,000-sf warehouse, located at 3435 N.W. 112th St., from Morris Futernick for $4.6 million. The sale closed in March. Smith and Ramoski represented both AMB Property Corp. and Futernick in this transaction.In a leasing transaction, National Beverage Corp. signed a new deal for 111,000 sf of warehouse space at 3505 N.W. 107th St. in Miami. In this deal, which has been in the works for about six months, the company is relocating from within the same submarket, Gratigny central. Smith and Ramoski represented the property owner, AMB Property Corp., in this transaction. This lease, which closed in March, is valued at approximately $2.8 million.In addition, RPM Warehouse LLC leased 87,000 sf of warehouse space short term at 3435 N.W. 112th St. in Miami. Smith and Ramoski represented the property owner, AMB Property Corp., and RPM Warehouse LLC. The deal closed in March.”Overall, I think it’s strong activity,” Smith says. “It’s very close to what we did in the first quarter last year.” He adds, “We have a significant amount of transactions either under contract and heading toward closing or (with) letter of intent” for the second quarter, which seems to be greater than that period last year.