Betty Dain Signs Miami's Largest Industrial Lease in 2011
17 Mar, 2011, Miami
Cushman & Wakefield today announced that Betty Dain Creations, a third generation, family-owned and operated business, has signed a new lease to expand its operations at Flagler Station, Medley. The 130,000-square-foot, 10-year lease at 10505 NW 112th Ave. doubles the size of its current facility in the Gratigny Central area.
Brian Smith of Cushman & Wakefield represented Betty Dain Creations in its site search for its new headquarters and in lease negotiations with the building's owner, Flagler Development. Flagler Development was represented in-house by Stuart Gordon.
"This new headquarters will house nearly 200 Betty Dain Creations employees, and also accommodates the firm's expected growth within the next 12 months," said Mr. Smith, an executive director based in Cushman & Wakefield's Miami office. "The new space will have executive offices, distribution and manufacturing under one roof, allowing Betty Dain Creations to operate more efficiently."
Betty Dain Creations is a manufacturer and distributor of beauty salon products and accessories worldwide. Founded more than 50 years ago, the company is now operated by brothers Richard and Don Leebow. Betty Dain Creations maintains manufacturing plants in Miami and overseas.
"We have been growing for some time now, but were waiting for the opportune time to expand our operations," said Don Leebow. "This is the third time in our company's 60 year history that we have expanded. With this new relationship with Flagler and the flexibility offered for future expansion within Flagler Station, we look forward to operating successfully here for years to come."
"This was an ideal deal for both landlord and tenant," said Mr. Smith. "The landlord gets an excellent tenant who will be absorbing a significant block of space, and Betty Dain Creations secured a true class-A facility at a rate in line with today's market."
Cushman and Wakefield will be marketing Betty Dain's existing 58,000 square foot warehouse property in the Gratigny Central area.
Cushman & Wakefield's Miami Industrial Team - consisting of Brian Smith, Wayne Ramoski and Audley Bosch - has seen a steady uptick in activity in the Miami industrial market. So far this year, the team has closed on seven transactions totaling more than 430,000 square feet in excess of $27 million.
"It seems owner-users and tenants alike feel more confident about their projections for 2011 and beyond," noted Mr. Smith. "Warehouses are moving, and the smart tenants are taking advantage of still-favorable rental rates."