International Developer Panattoni to Break Ground on its First Miami Project in Q4
Panattoni Development Company Inc., announces a major land purchase and the hiring of Newmark Knight Frank (NKF) as the exclusive leasing agent for the industrial project in Miami, an 80-acre business park on the site of the former Westview Country Club in the heart of Miami-Dade County. Panattoni is set to break ground on Eastview Commerce Center (ECC) by the end of this summer and deliver the first three buildings during the summer of 2018.
Executive Managing Directors Nick Wigoda, SIOR and Steve Medwin, CCIM, SIOR will lead marketing and leasing efforts for approximately 800,000 square feet of institutional-grade logistics and warehouse space. The first three speculative buildings, totaling 360,000 square feet, will be constructed simultaneously and can accommodate tenants from 25,000 to 150,000 square feet. In addition, build-to-suit opportunities up to 350,000 square feet are also available at ECC.
“ “Active in South Florida since 2006, Panattoni is also one of the largest and most respected industrial development firms in the US,” Medwin said. With more than 266 million square feet developed worldwide, including recently completed projects for companies such as Nissan, Under Armour, TBC, Volvo, Cat, Post, Michelin, Lindt, and Dell in the Southeast, Panattoni will make a significant impact in Miami-Dade County.”
After a lengthy land-use change process, the site at 2290-2398 NW 119th Street, just a few miles from I-95, has been entitled and approved for industrial development. Eastview Commerce Center will transform most of the southern half of a former golf course into a gated business/commerce center with state-of-the-art industrial buildings, top-of-the-line security and lush, tropical landscaping. The speculative buildings will feature 32’ clear ceiling height; dock and street loading; shared and private truck courts; and abundant car parking. The project has excellent access to I-95, I-75, and the Palmetto Expressway (SR-826), as well as amenities at the adjacent 84,000-square-foot retail center, Golfview Marketplace, which will be developed soon.
“We had been looking to acquire a well-located, large site in Miami to achieve a long term, scale investment, and we are pleased that Nick and Steve were able to bring this opportunity to us. We are excited to get started with our first speculative development in the Miami-Dade County market,” said Hayne Hamilton, senior development manager at Panattoni.
“Eastview will be a win-win as Panattoni redevelops an under-utilized property to add much-needed modern warehouse space to a large, eastern submarket and create the closest new industrial development to I-95 in Miami-Dade County,” said Wigoda.
North Central Miami-Dade County is a key submarket for warehousing and logistics, with companies leveraging the region’s interstates, proximity to international airports in Miami and Ft. Lauderdale, and proximity to Port Everglades and Port Miami shipping ports.
“We selected this property based on its unique strategic location with the Miami-metro area that allows easy access to both major ports, and are excited to bring new companies and jobs to this region of the county,” said Whitfield Hamilton, partner at Panattoni.
According to NKF’s Q1 South Florida Industrial Market Report, intense demand drove over 1.2 million square feet of positive net absorption in Miami-Dade County, and brought occupancy to 95.9 percent, a high not experienced since 2006.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
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