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News release

MIAMI, FL

Seaboard Marine Signs 267,400SF Industrial Lease Renewal in Medley, Florida

Deal represents the largest industrial lease per square foot inked Miami-Dade since 2012


MIAMI, Jan. 22, 2014 – Seaboard Marine has signed a 267,400-square-foot industrial lease renewal including a 64,000-square-foot expansion at Prologis Palmetto Tradeport in Medley, Florida. The record-setting transaction, which becomes the largest industrial lease by square foot signed since 2012, is in place for 10 years.

Seaboard Marine is PortMiami’s largest and most active cargo operator and freight transportation company, serving over 40 ports in 25 countries from its facilities at 8001 NW 79th Ave. in Medley and at PortMiami.

Jones Lang LaSalle’s Senior Vice President Jonathan Kingsley represented Seaboard Marine, while Brian Smith, Executive Director of Cushman & Wakefield, represented the landlord, Prologis, which owns and manages more than 11 million square feet of industrial space in South Florida. With this deal, the landlord and tenant teams secured a renewal and expansion of Seaboard Marine’s operational facilities, property upgrades and roadway and sidewalk improvements to the property’s surrounding area with the local government.

“Following a long-standing relationship with the landlord, we worked closely with Seaboard Marine and Prologis to strike a deal that would meet Seaboard’s near- and long-term expansion requirements and operational needs,” said JLL’s Jonathan Kingsley. “This transaction ensures Seaboard’s continued presence in Medley, while creating positive absorption of leasable space for Miami-Dade’s industrial market.”

Seaboard Marine has occupied approximately 200,000 square feet of industrial space in the Medley market for more than 20 years and the company employs nearly 600 in its Medley and PortMiami facilities combined.  

“This renewal and expansion within Prologis Palmetto Tradeport will allow Seaboard the flexibility to continue growing their business and enhance their operations with additional trailer parking and greater rail connectivity,” said Peter Crovo, vice president and market officer at Prologis South Florida. “This is a significant deal not only for the Medley market but for Miami, as Seaboard’s cargo and freight activity represents a significant contribution to Miami’s thriving business community.”

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.

About Seaboard Marine
Established in 1983, Miami-based Seaboard Marine is an ocean transportation company that provides direct, regular service between the United States and the Caribbean Basin, Central and South America. As a wholly-owned subsidiary of Seaboard Corporation, the company operates a fleet of 35 vessels and serves over 40 ports. For more information about Seaboard Marine, please visit www.seaboardmarine.com.