Morgan Stanley Signs New Tenant at Miami-Area Warehouse

Flagler Station

Morgan Stanley has signed a 44,259-square-foot lease with engineering firm AmePower at Flagler Station II, a 171,944-square-foot industrial facility in Miami-Dade County. The tenant is scheduled to occupy the property in the town of Medley in December. The lease includes 36,759 square feet of warehouse space along with 7,500 square feet of office space and 14 dock positions.

The Class A facility at 10200 NW 110th Ave. was built in 2013, according to Yardi Matrix. The property features 30-foot clear heights, 43 dock-high loading doors and  205 parking spaces. Located within 5 miles of Interstate 75, the facility sits northwest of Miami and 11 miles from Miami International Airport.

CBRE Senior Vice Presidents Devin White and David Albert, along with Senior Associate Andrew Fernandez, arranged the lease on behalf of Morgan Stanley, which is marketing more than 1.4 million square feet of high-end distribution space. The tenant was represented by CBRE’s Stuart Gordon.

Rescued deal

In a prepared statement, CBRE noted that the brokerage was able to resuscitate the lease deal after it died at the beginning of the COVID-19 pandemic. The average asking rate for industrial property in the Medley submarket stood at $9.32 per square foot in the first quarter of 2020, according to the company’s market research. Annual net industrial absorption is projected to total more than 333 million square feet by 2022, leading to 5.7 percent annual rent growth, driven by e-commerce growth.

In June, a joint venture of TRX Investments and EverWest Real Estate Investors tapped the trio of White, Albert and Fernandez as leasing agents for an industrial development in the neighboring city of Doral. Completion of the 190,000-square-foot project, North Doral Park, is scheduled for the fourth quarter of this year.