WareSpace is expanding its small-bay warehouse network with two industrial property acquisitions totaling about $36.5 million. The purchases in Miami Gardens, Florida, and South San Francisco, California, will add roughly 164,000 square feet and create more than 210 flexible warehouse units aimed at small businesses seeking space in tight industrial markets.
Key takeaways
- WareSpace paid $20.42 million for a 100,000-square-foot property in Miami Gardens.
- The company acquired a 64,103-square-foot South San Francisco property for $16.05 million, marking its entry into the Bay Area.
- The acquisitions bring WareSpace’s network to 34 facilities and more than 3.2 million square feet nationwide.
The properties are slated for conversion into smaller, move-in-ready warehouse units. WareSpace says the new spaces will generally range from about 200 to 2,000 square feet.
Miami Gardens acquisition builds South Florida presence
The Miami-area purchase, at 4900 NW 167th Street, is expected to accommodate more than 125 small businesses. The site sits along a major commercial corridor and has access to the Palmetto Expressway and I-95, according to the company.
WareSpace said the property is about 18 minutes from its existing Medley location and 35 minutes from its Fort Lauderdale facility, which opened earlier this year. The acquisition is the company’s third property in South Florida.
South San Francisco marks Bay Area entry
WareSpace bought 161 Starlite Street for $16.05 million. The company plans to reconfigure the 64,103-square-foot industrial building into more than 85 flexible units for local businesses.
In its announcement, WareSpace described the area as a supply-constrained industrial market. It cited an estimated 5% decline in local small-bay industrial inventory over the past five years and said no new small-bay supply was under construction.
Flexible leases target smaller operators
WareSpace’s model offers shorter-term leases, all-inclusive pricing and on-site services, in contrast with traditional warehouse arrangements that may require larger spaces and longer commitments. The company says its units are intended for operators such as contractors, e-commerce businesses, distributors and service providers.
The purchases add to a period of rapid growth for the firm. They follow a reported $300 million capital commitment from Jadian Capital and a July portfolio acquisition that added five properties across four new U.S. markets. WareSpace co-founder and COO Joseph Ely said the two new locations share strong demand from businesses that need industrial space near customers and employees.
- WareSpace Expands in South Florida and Enters Bay Area with $36.5 Million in Industrial Acquisitions, Yahoo Finance Singapore.