MEDLEY, FL—Membership warehouse club PriceSmart Inc. has completed two sublease deals totaling in excess of 193,000 square feet at its Flagler Station Phase II property here.
In two deals brokered by Transwestern, PriceSmart entered into a sublease with Dade Paper & Bag, one of the largest distributors of disposable food service and janitorial supplies in North America, for 70,424 square feet of space at 10800 NW 100th St. Also at the property, the company successfully terminated its lease with the building ownership for 122,000 square feet that had previously been on the market for sublease by the membership warehouse operator.
Transwestern senior managing directors Ben Eisenberg and Walter Byrd, managing director Thomas Kresse, and VP Carlos Gaviria represented PriceSmart in the transactions.
PriceSmart, headquartered in San Diego, owns and operates 40 membership warehouse clubs in Latin America and the Caribbean. PriceSmart, through its Aeropost subsidiary, provides logistics, payment and ecommerce services in Latin America and the Caribbean. PriceSmart announced it had acquired Miami-based Aeropost last month.
“PriceSmart's lease agreements at Flagler Station have involved many moving parts from inception, including development coordination, site plan modifications, extensions, terminations, and subleasing,” says Transwestern's Eisenberg.
PriceSmart put the more than 260,000 square feet on the sublease market after it acquired a new 330,000-square-foot distribution center, also located at Flagler Station, in January 2017. With the sublease deals, PriceSmart now has two 35,000-square-foot spaces remaining at the property available for sublease.
Eisenberg adds that the Miami-Dade County's Medley industrial submarket has seen significant demand and has posted 13 consecutive quarters with vacancy rates under 4%. “With the imbalance between available space and demand, absorption is poised to outpace the rate of deliveries, making the available space for sublease at Flagler Station II a hot commodity,” he adds.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
