Hilco Redevelopment Partners (HRP), a unit of Hilco Global, has acquired an 8.5-acre industrial development site located at 11002 Northwest South River Drive in Medley, Florida. The property, the company’s first in South Florida, is part of a larger 25-acre Superfund site which has previously undergone corrective action. HRP plans to develop the site into a 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 plans to construct a 175,000 square-foot, front-load warehouse designed to support multiple tenants, and have the new facility fully operational in 2022.
“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,” Wigoda said. “This industrial site is well located for a future tenant, and Hilco Redevelopment Partners is the perfect developer to take on this project.”
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.”