WareSpace, a leading operator of micro-bay warehouse space, today $36.5 million in industrial acquisitions in Miami Gardens, Florida, and South San Francisco, California. The acquisitions mark WareSpace’s third property in South Florida and its first in the Bay Area, and will create more than 210 flexible warehouse units for small businesses in two markets where appropriately sized industrial space is increasingly difficult to find.
The deals add approximately 164,000 square feet to WareSpace’s national footprint and bring the company to 34 facilities totaling more than 3.2 million square feet nationwide. They also follow WareSpace’s recent $300 million capital commitment from Jadian Capital, and its first portfolio-level acquisition, which added five properties across four new U.S. markets in July.
“These acquisitions are in very different parts of the country, but the opportunity is remarkably similar,” said Joseph Ely, Co-Founder and COO of WareSpace. “Both areas are population dense, high-barrier markets where small businesses need industrial space close to their customers and employees, but appropriately sized options are increasingly difficult, if not impossible, to find. We’re continuing to invest in locations and assets where we see that disconnect and where our model can solve a real need for business owners across America.”
In South Florida, WareSpace acquired 4900 NW 167th Street in Miami Gardens for $20.42 million. The 100,000-square-foot property will be converted into flexible warehouse units, expected to serve more than 125 small businesses, along one of Miami-Dade County’s busiest commercial corridors. The property has direct access to the Palmetto Expressway and Interstate 95 and is approximately 18 minutes from WareSpace’s existing Medley location and 35 minutes from the Fort Lauderdale location, which opened earlier this year.
In South San Francisco, WareSpace purchased 161 Starlite Street for $16.05 million. The 64,103-square-foot industrial property will be converted into 85-plus flexible units for small businesses in one of the country’s most supply-constrained industrial markets. Small-bay industrial inventory in the area has declined by approximately 5% over the past five years, with no new small-bay supply currently under construction.
“Miami gives us the opportunity to build on the momentum we’ve already established in South Florida, while South San Francisco opens the door to a new market where industrial space is becoming increasingly scarce,” said Levi Cohen, co-founder and CEO of WareSpace. “Both acquisitions reflect how we’re growing — expanding in markets where we’ve seen strong demand while selectively entering new ones where we see a clear opportunity for the WareSpace model.”
WareSpace will reposition both properties into flexible, move-in-ready warehouse units typically ranging from approximately 200 to 2,000 square feet. The company’s model combines shorter-term leases with all-inclusive pricing and on-site services, giving contractors, e-commerce businesses, distributors, service companies and other small operators access to industrial space without the size and long-term commitments associated with traditional warehouse leases.
