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OHL.com » OHL Takes Brand New Industrial Off Market
OHL Takes Brand New Industrial Off Market
Submitted by kfredericks on Wed, 2013-07-10 09:23
Miami, Florida —OHL, one of the largest third-party logistics companies in the world, is taking down space at a brand new, class A industrial building in Miami’s Medley submarket. Financial terms of the lease were not disclosed.
OHL inked a new lease on 185,520 square foot lease at 10733 NW 123rd Street, in Medley, FL. The tenant will take full occupancy of industrial facility, which was developed by an affiliate of Industrial Income Trust Inc., a Denver-based institutional owner.
Jones Lang LaSalle’s Steve Medwin and Nick Wigoda represented the landlord. “OHL chose Pan American North Distribution Center for its expanded Miami facility because of the 30’ clear ceiling heights that will allow use of additional cubic space, its close proximity to major highways, and central location within the Miami-Dade County industrial market,” Medwin says. “This latest transaction further positions Medley as an attractive submarket for national and locally-owned companies.”
Transwestern's Walter Byrd and Ben Eisenberg, managing directors of the South Florida offices, Thomas Kresse, senior vice president, and Carlos Gaviria, associate, completed the transaction on behalf of the tenant. Transwestern worked in conjunction with Brian Camp, Jeb Atkinson, Doug McDowell, and Jess Andrews of ProVenture, OHL’s exclusive real estate provider.
“OHL was a highly sought after tenant with numerous landlords aggressively seeking this deal,” says Byrd. “The landlord not only developed a great building for this requirement but had a team that sought to build on their national relationship with OHL and made the lease process easier.”
The industrial facility is 50% larger than OHL’s existing North Dade facility. "OHL has long understood the value of having a significant presence in Miami,” says Camp. “For this location, OHL believes that its new facility is an ideal fit for its operations, both in terms of functionality, location and ownership.”
The North Dade/South Broward markets continue to see vibrancy. The OHL lease signifies the third large deal in less than a month. According to Transwestern, the geographic and functionality advantages, as well as competitive lease rates compared to the Airport market, are attracting large logistics users.
"The Medley industrial market has experienced a significant uptick in Tenant activity over the last few quarters,” Byrd tells GlobeSt.com. “The economic benefits associated with the Medley market as opposed to the Airport West market have resulted in positive absorption which has, in turn, led to new development."