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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 developme
Eastview Commerce Center in Miami, formerly a golf course
A former Miami golf course turned into an industrial park. A Hollywood warehouse chopped up into six smaller offerings. And a bidding war over industrial space in East Hialeah. Commercial brokers recount these tales in South Florida, a market with high demand for warehouses but not enough industrial-zoned land for new development. Industrial experts must turn to creative problem-solving, as a reluctance to visit brick-and-mortar stores has led to a boom in online shopping and a burgeoning need to store appliances, food and other goods. Miami-Dade County may only have about 500 acres of developable industrial land left, mostly controlled by institutional developers and real estate investment trusts. New, desirable, Class A warehouses take up about 10 acres each, said Jonathan Kingsley, an executive managing director at Colliers International’s local office.