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News release

MIAMI

EastGroup’s Gateway Commerce Park Set to Rise on 61 Acres at the Former Calder Practice Track in Miami Gardens


MIAMI, June 13, 2017 – As South Florida's industrial market continues to reach new heights, EastGroup Properties, Inc. has announced plans to build a state-of-the-art, 850,000-square-foot Industrial park to accommodate serious logistics, distribution and supply chain occupiers. Strategically located on the Florida Turnpike at the N.W. 27th exit, the former practice track for Calder Race Course will serve a base of occupiers that until now had to travel several miles west or north to find the type of modern distribution space that sophisticated logistics companies require today.

Gateway Commerce Park will be owned, developed and managed by EastGroup Properties, Inc., which has a reputation for excellence in the commercial real estate industry nationwide. The company's portfolio, including projects that are leased up and under construction, includes just over 38 million square feet nationwide. The company is making a significant investment in the development of this corporate industrial park and is fully committed to its long-term success.  Site development is expected to begin in the third quarter 2017 with plans for the first speculative building to be delivered in the second quarter 2018.

John Coleman, EastGroup's Executive Vice President, said "This is EastGroup's first venture into Miami Dade County. We carefully analyzed this opportunity and quickly realized that as long-term owners this site will provide the quality and flexibility similar to other successful EastGroup parks in the Southeast. The location and access to this site is incredible. As experienced industrial developers, we look for sites with freeway connectivity, good demographics, access to labor, an infill location and highway visibility – Gateway has all those things and then some." 

Spearheading the leasing effort will be the JLL industrial team of Brian Smith, Audley Bosch, Matt Maciag and Juan Rodriguez. Gateway Commerce Park will offer class "A" industrial buildings on a speculative basis as well as build-to-suit options. The 61-acre park will cater to a diverse range of users, from those seeking 20,000 to 40,000 square feet to larger users requiring high door counts. In addition to fluid connectivity to every major thoroughfare and its direct access to the Florida Turnpike, the park is also less than 12 miles from both Port Miami and Port Everglades. The plans call for a very aesthetically pleasing park consisting of lush landscaping, high ceilings, and architectural enhancements including above standard storefront glass features.

In addition to the industrial product for lease there is also a seven-acre outparcel available for purchase. The zoning allows for a multitude of potential uses including hotel, retail, commercial and office. Avison Young's Wayne Schuchts and Bobby Benton will be handling the sale of the seven-acre commercial outparcel.

"JLL is excited to be working with EastGroup Properties on Gateway Commerce Park. While there are a few new industrial projects rising throughout South Florida, Gateway Commerce Park is uniquely positioned to fill a big void on the Dade Broward Line," stated JLL's Audley Bosch.  "Connectivity and location of this park are superior to any of its competitors," he added. Among the types of tenants for which the park is ideally suited for are heavy volume logistics firms, e-commerce companies and third-party logistics occupiers.

To learn more about Gateway Commerce Park, please contact Brian Smith (305) 960-8403 or Audley Bosch (305) 960-8404.

About EastGroup

EastGroup Properties, Inc. (NYSE: EGP) is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio, including development projects in lease-up and under construction, currently includes 38.5 million square feet.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.