Vipex Consolidators has leased a 30,000-square-foot warehouse in Medley.
The international freight forwarding company, currently in Doral, will occupy space at the Lincoln Logistics Park near Florida’s Turnpike. The lease is for five years with a five-year renewal option.
Steven Medwin, Harry Wardell and Nick Wigoda of Lincoln Property represented the landlord, PPF Lincoln-Medley, LLC. The company is a joint project of Lincoln Property and Morgan Stanley Real Estate, Medwin said.
Vipex is expected to take occupancy about Dec. 1, after the landlord completes some upgrades to the space, said Jose Val of Parvani Commercial Group, which represented Vipex in the deal.
Val said Vipex does most of its business with Latin America, especially Venezuela.
Vipex’s current warehouse is 20,000 square feet with 20 feet of ceiling clearance. Along with the additional 10,000 square feet, the new warehouse has 30-foot clearance, allowing Vipex to stack more cargo, Val said.
The extra room will be useful since the company has secured additional business from smaller freight forwarders who gave up their own warehouse space and now use Vipex for storage, he said.
The Vipex deal is a sign that the commercial market is getting better, Medwin noted.
“The action has picked up a lot since the beginning part of the year,” he said. “I think there is some pent-up demand, but also I think people are realizing the prices are pretty good.”
South Florida Business Journal - By: Bill Frogameni