Cabot Properties Inks 153 KSF Deal in Suburban Miami
Cushman & Wakefield negotiated the lease, which brings the Cabot Miramar distribution center to full occupancy.
Ryder Logistics has leased 152,573 square feet of space at Cabot Miramar, a 304,428-square-foot distribution center in Broward County, Fla., owned by Boston-based Cabot Properties.
The lease, negotiated by Cushman & Wakefield’s South Florida Industrial Team, brings the Miramar, Fla., facility to full occupancy.
Ryder Logistics will take occupancy immediately. The company is moving and expanding its third-party logistics operations from an 80,000-square-foot space at Seneca Park in Pembroke Pines, Fla.
The Cushman & Wakefield team of Matt McAllister, Chris Metzger, Rick Etner Jr. and Christopher Thomson represented Cabot. Jose and Sebastian Juncadella of Fairchild Partners represented Ryder Logistics.
Cabot acquired the property at 15501 SW 29th St. in the Miramar Centre Business Park from Bridge Industrial in August 2021 in a deal valued at just over $71.5 million. Bridge Industrial had acquired the state-of-the-art facility built in 2015 from Sherm Realty Corp. for approximately $38 million in 2019 and renamed it Bridge Point Miramar.
Located on 20 acres, the rear-load distribution facility is visible from Interstate 75. It has an office, 32-foot clear height, 130-foot truck court, 48 dock doors, 50-foot by 50-foot column spacing, an ESFR fire safety system and energy-efficient T-5 lighting. In addition to I-75, the building is near Interstate 595 and Florida’s Turnpike, as well at numerous international airports and seaports.
Other tenants at Cabot Miramar include Aero Accessories and All Clear.
When Cabot purchased the property, it retained Cushman & Wakefield’s South Florida Industrial team led by Metzger, Etner and Thomson as leasing advisor. Cushman & Wakefield had also leased the building for the three prior owners, dating back to its 2015 delivery.
McAllister said in prepared remarks the team’s long history with the property provided the experience and market knowledge to connect Cabot Properties with ideal tenants. Calling it a win-win, he said the team is pleased to have brought the building to full occupancy soon after the Cabot acquisition.
In November, Cabot Properties completed two transactions with Blackstone Group affiliates for 124 industrial properties in the U.S. and Europe totaling $2.8 billion. The transactions represented the disposition of Cabot’s Value 5 fund, which had been launched in 2016. Most of the assets—15.2 million square feet—were located in the U.S. and were acquired by Blackstone Real Estate Income Trust. The properties were in markets such as South Florida, New York City metro area, eastern Pennsylvania and the Inland Empire.
In the second transaction, Blackstone’s European Core+ affiliate acquired 22 assets totaling 2.2 million square feet in markets including England’s North West, Amsterdam and Dusseldorf, Germany.