(Read more on the industrial market.)
MIAMI-The United States Postal Service has signed a 500,000-sf, 42-year lease for a distribution center to be located at the Ave, Aviation and Commerce Center near the Opa-Locka Executive Airport. Terms of the lease agreement--the first signed at the Ave, Aviation and Commerce Center--were not disclosed.
The distribution center, to be located on 30 acres, will be used to sort all the incoming mail to South Florida. Gregory Lackey and Paul Purcell, of USPS; Yvonne Chang, of USPS facilities; and John Vaught and Michael Silver, of CB Richard Ellis, represented the postal service. Wayne Schuchts, JC Conte and Ed Lyden, of the Staubach Co., represented Ave, Aviation and Commerce Center.
Cpf investment group principal Ernesto Cambo tells GlobeSt.com that construction of the building is expected to begin in January with a March 2009 anticipated completion date. In addition to the USPS facility, cpf is expecting to break ground in January on another 151,000-sf speculative industrial building within the center. Leasing efforts have started for that building, but no leases have yet been signed.
Under development by locally based cpf investment group, the $250-million Ave, Aviation and Commerce Center is a 2.6-million-sf master-planned mixed-use park on 178 acres. It will include banks, shops, restaurants, office/flex space, warehouse and distribution facilities and corporate hangars. The project is adjacent to Miami Lakes and close to Route 826 and Interstate 75.
"The USPS selected the location because of its close proximity to Route 826 and Interstate 75 and its proximity to the Southwest Broward County labor pool," Cambo says.
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