MIAMI-Atlas Paper Mills has inked a 142,000-square-foot industrial lease at AMB Property’s Dolphin Distribution Center. The property is located at 3301 NW 107th St. in the Gratigny Central submarket.
Brian Smith, Wayne Ramoski and Audley Bosch of Cushman & Wakefield’s Miami industrial team represented AMB Property in marketing the space. The group also represented the owner in lease negotiations with Atlas Paper Mills. Mike Silver and Allen Lindow of CB Richard Ellis represented the tenant.
“This transaction is an example of the classic putting two and two together,” Smith, an executive director based in Cushman & Wakefield’s Miami office, tells GlobeSt.com. “We realized one of our existing tenant’s needs had changed and we wanted to be able to keep them within the portfolio. We knew we had a building they would like coming available in a year so we had to find a way to bridge that gap. AMB is very creative when it comes to structuring transactions. That certainly worked to their advantage here.”
Atlas Paper Mills, a paper products manufacturer, is a current tenant in AMB Property's Gratigny portfolio. Its current lease at AMB Blackfin Distribution Center, a 281,000-square-foot industrial facility at 11400 NW 32nd Ave., is set to expire in early 2012. AMB Property owns nearly 2 million square feet in the 6.5 million-square-foot submarket of Gratigny.
As Smith sees it, owning a critical mass of property in a major submarket enables AMB to provide solutions to tenants’ changing needs. Atlas Paper Mills, he says, has been a great tenant and a great success story.
“With their model changing, they no longer required as much warehouse and distribution space, though still desired a location in close proximity to their manufacturing plant,” Smith says. “AMB Property was happy to be able to retain them in a different building that better fits their needs for the long-term future.”
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