Reich Bros Leases Industrial Cold Storage Space To Rich Nichols For 5 Years In Miami

This transaction involved an industrial asset located at 501 Miami Gardens Drive in Miami. The property encompasses a total square footage of 24,679 and is leased at an asking rent of $18 per square foot. The lease term is set for 5 years under a NNN lease type.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $18/ft
• Lease Term: 5 years
• Lease Type: NNN Lease
• Landlord: Reich Bros
• Tenant: Rich Nichols
• Landlord's Representative: George Smith - Smith Commercial Property Group
• Tenant's Representative: George Pino - State Street Realty

George Smith, in collaboration with George Pino, successfully facilitated the lease of a cold storage processing space in North Dade. The class C industrial mid-size market remains active despite a period of decompressing rates in South Florida from 2024-2025, reflecting high demand for cold storage solutions.