The underutilized site located in Metropolitan Miami-Dade County, FL and will be developed as a state-of-the-art multi-tenant logistics facility to support increasing tenant demand in the market
CHICAGO, June 1, 2021 /PRNewswire/ -- Hilco Redevelopment Partners (HRP), a unit of Hilco Global, announced today the purchase of an industrial development site located at 11002 Northwest S. River Drive in Medley, FL. The 8.5-acre property is part of a larger 25-acre Superfund site which has previously undergone corrective action. HRP has current plans to develop the site into a state-of-the-art warehouse/logistics facility to support the growing tenant demand across South Florida. The sale was brokered by Newmark executives Steve Medwin and Nick Wigoda, who will also handle leasing of the project.
Hilco Redevelopment Partners indicated that it plans to construct a 175,000 square-foot, modern front-load warehouse designed to support multiple tenants. HRP expects to complete this development project and have the new facility fully operational in 2022. This project represents HRP's initial foray into South Florida as the real estate development firm continues to expand its footprint throughout the US.
"Over the past year, the South Florida industrial market has been one of the busiest in the nation, with the demand increasing as companies focus on serving the rapidly growing population in South Florida," said Nick Wigoda of Newmark. "This industrial site is well located for a future tenant, and Hilco Redevelopment Partners is the perfect developer to take on this project," said Wigoda.
Hilco Redevelopment Partners has been very active in the acquisition, redevelopment, and repurposing of underutilized and complex industrial properties across the country, transforming these properties and helping to stimulate economic growth and opportunities for all stakeholders. Roberto Perez, Chief Executive Officer of Hilco Redevelopment Partners said, "We're excited to bring our significant expertise to the South Florida real estate market, and we plan to do a lot more work within the region. Every opportunity to transform sites like this one into new state of art properties that better serves the community is exciting for our firm."
According to Newmark Research, the South Florida industrial market saw its most robust first-quarter performance in four years, recording over 1.5 million square feet of positive net absorption as strong demand held despite the pandemic. Approximately 1.3 million square feet of absorbed space came from the warehouse/distribution segment, while R&D/flex space saw over 154,000 square feet of positive net absorption. General industrial space saw demand outpace supply by 98,000 square feet during the first quarter of 2021.
"We are looking forward to aggressively expanding our presence in the South Florida market, and this project is indicative of our strategy of owning high quality logistics assets in highly infill locations, said Mark Levy, Executive Vice President of HRP. "Our firm has a long history of identifying opportunities to re-purpose land to better serve the needs of the market."
The property offers direct exposure to Okeechobee Road (US-27). It has proximity to Miami International Airport, Port of Miami, DT Miami and Western Broward County. The property is located minutes from the Florida Turnpike, Palmetto Expressway (SR 826), Dolphin Expressway (SR 836) and I-75 Expressway.
About Hilco Redevelopment Partners (HRP): Hilco Redevelopment Partners (www.hilcoredev.com) is a vertically integrated real estate investment and development company focused on industrial, life science, and mixed-use properties across the United States. HRP is committed to sustainable redevelopment through best-in-class environmental practices, community engagement, and local economic development. HRP has dozens of real estate investments and development projects across the nation with headquarters in Chicago and regional offices in Philadelphia and Boston. Hilco Redevelopment Partners is a unit of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com). Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, tangible and intangible acquisition and disposition of assets, real estate advisory, strategic equity investments, and much more.
About Newmark: Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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SOURCE Hilco Redevelopment Partners