MIAMI – Cushman& Wakefield’s South Florida office today announced its team of Wayne Ramoski, Gian Rodriguez and Margaret Sidor have been selected by Dallas-based L&B Realty Advisors to manage the marketing and leasing of the new +/-918,000-square-foot, Class-A, bulk distribution and industrial project, named Airport North Logistics Park (ALP).
As one of the few Class-A industrial projects to be built outside the Airport West and Medley submarkets, Phase One of the development will be located in the Airport North submarket on a 44.5-acre site situated in the northeast quadrant of NW 74th Street and NW 82nd Avenue.
“One of the first things that came to our attention was the site’s immediacy to the major thoroughfares connecting the region’s air and seaports, as well as ALP’s central location in comparison to competitive projects,” said Casey Griffis, an associate director with L&B Realty Advisors. “What sets us apart is our value and efficiency. ALP offers an alternative to the new industrial developments located further west in the Airport and Medley submarkets.”
ALP’s first building, which is being constructed by Butters Construction and Development, will consist of approximately 255,900 square feet of space and is expected to be delivered June 2014. The project will feature all of the modern amenities that have come to be expected by today’s logistics and industrial tenants for new industrial product in the market. The building will offer clear ceiling heights ranging from 30 to 34 feet, 60-foot speed bays, 51-plus foot column spacing, T-5 energy-efficient lighting, 120-foot truck courts and an ESFR fire sprinkler system.
“Our team is excited to get started. And our tenants will benefit from having an experienced advisor in L&B,” said Ramoski, a 25-year industrial real estate veteran and Executive Director with Cushman & Wakefield. “We are encouraged by the strong interest we’ve already received in the project and the positive reaction to ALP’s location.”
With a target completion date of 2015, ALP will include four institutional-quality, single and multi-tenant buildings ranging from 96,000 to 323,000 square feet. The park will feature rear-load and cross-dock facilities with building depths between 200 and 300 feet.
Cushman & Wakefield is the world’s largest privatelyâheld commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
About L&B
L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor. Since 1965, L&B has provided real estate investment management services to institutional investors and high-net-worth individuals. With $5.9 billion under management and over 45 years experience, L&B has a proven track record of successfully acquiring, managing, and disposing real estate on behalf of our clients.
As a portfolio manager, L&B executes full-service investment management: from acquisition to asset management to disposition. Our clients have included public and private employee pension plans, sovereign wealth funds, Taft-Hartley pension plans, endowments, foundations, and private investors. L&B’s real estate investment vehicles consist of both separate accounts and commingled funds. With client relationships averaging 17 years and consistent returns above our benchmarks, L&B epitomizes a trustworthy, results-oriented investment manager.
As an independent fiduciary, L&B provides financial advisory and owner representation services. Our advisory assignments have involved asset valuations, portfolio assessments, feasibility analyses, equity/debt workouts, and hold/sell analyses. Our owner representation service is an extension of our portfolio management business. L&B offers various portfolio- and asset-level management servicesfor real estate investors and lenders in need of an investment manager.