Ryder System has locked in one of Miami-Dade's biggest industrial leases this year, pre-leasing a 409,000-square-foot warehouse in northwest Miami-Dade that it plans to turn into a major distribution hub just outside Miami-Opa Locka Executive Airport.
Ryder Takes the Kurv Gratigny Building
The Coral Gables-based logistics heavyweight has signed on for the entire Kurv Gratigny building at 4700–4718 Northwest 135th Street, a 409,000-square-foot facility completed last year, according to The Real Deal. The property sits in an unincorporated stretch of northwest Miami-Dade just north of the Miami-Opa Locka Executive Airport, positioning Ryder squarely in the middle of one of the county's most active logistics corridors.
What It Means for the Market
Market watchers say the deal is the latest signal that big industrial tenants are wading back into South Florida, especially when it comes to modern, infill product that is close to highways and airports. CBRE's second-quarter Miami industrial report lists Ryder's 409,000-square-foot lease as one of the quarter's largest and notes that absorption is drifting back toward pre-pandemic patterns while vacancy is holding around 7.1 percent, according to CBRE.
Developer, Land Lease and Local Ties
Kurv Industrial, the developer behind the project, wrapped construction on the Gratigny facility last year and took over the land lease for the roughly 26-acre site in a transaction of about $15.6 million, according to The Real Deal. A Kurv representative told South Florida Business Journal that Ryder will operate the facility as a distribution center once it is fully up and running.
Next Steps and Local Impact
Ryder already appears to be gearing up behind the scenes. The company has posted job openings tied to an Opa-Locka location, a sign that it is preparing to staff the new operation as the build-out is finalized, per Ryder. At the same time, Kurv's recent company updates on growing its Miami platform frame the Ryder lease as part of a broader push to add infill logistics space across South Florida, according to Kurv Industrial.
