MIAMI-Betty Dain Creations, a third-generation, family-owned beauty salon products manufacturer and distributor, has signed a new lease to expand its operations at Flagler Station in Medley. The 130,000-square-foot, 10-year lease at 10505 NW 112th Ave. doubles the size of Betty Dain’s current facility in the Gratigny Central area. The deal is Miami’s largest industrial lease of 2011.
Brian Smith, executive director of Industrial Brokerage Services at Cushman & Wakefield, represented Betty Dain Creations. Flagler Development was represented in-house by Stuart Gordon. The new headquarters will house nearly 200 employees and accommodate the firm’s expected growth within the next 12 months. The new space offers executive offices, distribution and manufacturing under one roof.
“We have been growing for some time now, but were waiting for the opportune time to expand our operations,” says Don Leebow, co-founder of Betty Dain Creations. “This is the third time in our company’s 60-year history that we have expanded. With this new relationship with Flagler and the flexibility offered for future expansion within Flagler Station, we look forward to operating successfully here for years to come.”
Smith reports a steady uptick in activity in the Miami industrial market. CushWake’s Miami industrial team has closed on seven transactions totaling more than 430,000 square feet in excess of $27 million. The sector is especially hot in the 50,000-square-foot and up category.
“The space is getting gobbled up pretty quickly,” Smith tells GlobeSt.com. “All it takes is a couple of 125,000- to 200,000-square-foot deals to happen to really start changing a market. The Airport West has seen the supply for class A parks dwindle. Rates are already increasing in Airport West.”
As Smith sees it, owner-users and tenants alike feel more confident about their projections for 2011 and beyond. Warehouses are moving, and the smart tenants are taking advantage of still-favorable rental rates.
“Most of the brokers we are talking to seem to have a much bigger pipeline than last year and the year before,” Smiths says. “It’s one thing to have one deal here and one deal there versus significant activity that we can expect to see through the end of the year. We are not sure we’re out of the woods. But at least for now, what we see is very good. Real-time, there’s signs of positive activity.”
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