Ridge breaks ground for spec warehouse in Medley
The 182,057-square-foot Airport North Logistics Center is expected to open in September
April 03, 2016 10:00AM
Rendering of Airport North Logistics Center in Medley
Ridge Development broke ground for construction of a speculative distribution center in Medley and expects to finish the 182,057-square-foot building in September.
The development site is the intersection of Northwest 87 Avenue and Northwest 90 Street.
Ridge, the industrial development arm of Transwestern Development Co., hired Itasca Construction to oversee the construction work.
“Despite the nearly 4 million square feet of industrial space delivered in Miami during the past two years, demand has continued to outpace supply, Ben Eisenberg, a senior managing director of Transwestern, said in a press release.
Ridge Development expects the 3.6 percent industrial vacancy rate in Medley to decline further this year despite the planned completion of new industrial properties there.
Last year an affiliate of Ridge Development, Chicago-based Ridge Property Trust, bought the 10-acre site of the Airport North Logistics Center and obtained a $12.43 million construction loan for the project.
Source: The Real Deal