Ridge Development To Develop 182,057 SF Speculative Distribution Center In Miami
Transwestern Facilitates Acquisition of 9.75-Acre Site, Retained for Leasing Services
MIAMI, July 22, 2015 /PRNewswire/ -- Transwestern's South Florida office today announces it represented Ridge Development in the acquisition of 9.75 acres for a new industrial distribution facility in Medley, Florida, located in the greater Miami area. Speculative construction is scheduled to begin in fourth-quarter 2015 on Airport North Logistics Center, a 182,057-square-foot project located at NW 87th Avenue and NW 90th Street.
Transwestern Senior Managing Directors Walter Byrd and Ben Eisenberg, along with Senior Vice Presidents John Vaught and Thomas Kresse, represented Ridge Development in acquiring the land and have been retained to lease the property. The site was purchased from Langer Corp., which was represented in the transaction by Rodney Langer of Investors CRE Inc.
"Demand for sites with the ability to stage trailers and containers on-site in a secure environment is increasing as land sites are absorbed and security requirements of users and U.S. Customs intensify," said Byrd. "Airport North Logistics Center's exceptional access to the Palmetto Expressway, Okeechobee Road and the Florida Turnpike will be enhanced once the NW 87th Avenue extension is completed."
The new development will maximize efficiency for loading and racking by offering 32-foot clear ceiling height, 60-foot speed bay, 235-foot building depth and column spacing of 43 feet 9 inches by 54 feet. With two access points, the project will include 72 trailer drops, 46 dock-high doors and two street dock ramps. Delivery of the project is estimated for the summer of 2016.
"The combination of Transwestern's market knowledge and Ridge Development's industrial expertise was instrumental in creating the vision for Airport North Logistics Center," said Steve Kros, executive vice president at Ridge. "The building will be ideal for regional distributors as well as port- and airport-related users."
Airport North Logistics Center will be Ridge's second new project commitment in Florida this year. The firm is also developing Lakeland Logistics Center, a 490,000-square-foot project in Lakeland, and is pursuing additional opportunities in both south and central Florida.
ABOUT RIDGE DEVELOPMENT
Ridge Development is the industrial development arm of Transwestern Development Co., a diversified real estate developer with expertise in all commercial property types. Ridge is managed by the former principals of Ridge Property Trust. Ridge Development specializes in industrial development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout the United States and Mexico. Based in Chicago, the venture serves North American clients from five U.S. offices and one office in Monterrey, Mexico. The Transwestern Development and Ridge Development teams have developed, constructed and managed more than 138 million square feet of industrial and distribution space.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.
Media Contact:
Stefanie Lewis
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SOURCE Ridge Development
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