EastGroup unveils plans for Miami Gardens industrial park
A former race track in north Miami-Dade County will soon be developed into an industrial park.
EastGroup Properties announced it plans to begin construction of Gateway Commerce Park, an 850,000-square-foot development in Miami Gardens, later this year.
The Jackson, Mississippi-based real estate investment trust just released renderings and plans for a 61-acre site that was previously home to the practice track for Calder Race Course. EastGroup purchased the development site in November for $26.5 million, which breaks down to about $434,000 per acre.
Gateway Commerce Park marks the first project for EastGroup in Miami-Dade, executive vice president John Coleman said. JLL’s Brian Smith, Audley Bosch, Matt Maciag and Juan Rodriguez will handle leasing.
Coleman said the five-phase project will have spaces ranging from about 20,000 square feet to 200,000 square feet. The first 200,000-square-foot building will go vertical early next year and will be delivered about six months later. EastGroup is working on securing permits for infrastructure now.
Net asking rents will range roughly from $7.50 per square foot to $7.75 per square feet, Coleman said. He declined to comment on whether EastGroup will take out construction loans for Gateway Commerce Park.
In addition to heavy volume logistics firms and third-party logistics occupiers, the developer is banking on e-commerce tenants to lease space at the industrial park. Coleman said there’s increased demand for “last mile delivery. The speed of delivery is becoming more and more important for e-commerce.”
Just last week, Amazon signed a deal to open a third distribution center, an 800,000-square-foot warehouse, at Opa Locka Executive Airport. The warehouse will be a sortation center and Prime Now hub for the area.
EastGroup’s site fronts the Florida Turnpike and is less than 12 miles from Port Miami and Port Everglades, according to a press release.
The Class A industrial buildings will have high ceilings, glass storefronts and docks in the rear.
The land was part of the 232-acre Calder Casino and Race Course at 21001 Northwest 27th Avenue, which Churchill Downs still owns. Churchill Downs purchased the racetrack in 1999 and added the casino in 2010, according to its website. It’s also near the Hard Rock Stadium.
A 7-acre outparcel is listed for sale with Avison Young, according to the release.
EastGroup has more than 38 million square feet of industrial space that’s completed or under construction in its portfolio.
Source: The Real Deal