Tenant: Elite Flower Services represented by Ed Redlich,
Landlord: Flagler Global Logistics represented by Chris
Location: South Florida Logistics Center in Miami, Fla.
Elite Flowers was seeking to purchase a 100,000 sq. ft. warehouse with refrigeration near Miami International Airport for the past several years. After several
comprehensive site selections and countless inquiries,
ComReal and Elite came to the determination that leasing
a warehouse would be an economical and functional
solution, but only if certain criteria were met.
Elite Flower Services needed the following criteria to be met:
OBJECTIVE I: Identify a Landlord / Developer ready,
willing, and able to construct refrigeration systems in a
OBJECTIVE II: Find a way to reduce occupancy costs
because the flower industry’s peak season only lasts
several months out of the year.
OBJECTIVE III: The new warehouse location must be
accessible and functional to reduce operational costs.
Flagler Global Logistics needed to deliver the following:
• Structure a lease transaction that simultaneously met the
projected returns of the speculative development project,
objectives of Flagler’s logistics operations, and Elite’s
• Deliver the premises on-time with specialized
improvements and long lead times for delivery such as
cooler space and mezzanine.
• Elite Flower Services required the new warehouse to
be up and running within one month prior to the 2015
Valentine’s Day peak season.
• The ComReal team provided added value to their client
by offering lease comparables in the market, occupancy
costs analysis, amortization and tenant improvement
allowances as well as negotiations with the landlord /
• Flagler’s development team worked with Elite to design
the warehouse layout along with improvements. The costs
for improvements were amortized over the term of the lease.
• Flagler came up with a creative solution by which half of
the warehouse would be used permanently throughout
the year and the other half would only be for seasonal
overflow. Flagler Logistics would use the warehouse
for their own operations during Elite’s off-season. This
culminated in a win-win for both parties.
• South Florida Logistics Center is located adjacent to
Miami International Airport with immediate access to cargo
gate. Flagler’s state-of-the-art construction offered Elite the
greatest of efficiencies which helped maximize production
and reduce operating costs.
Ed Redlich, SIOR, CCIM
Chris Sutton, SIOR
Flagler Global Logistics
Coral Gables, Fla.
Transaction Type & Details
Transaction Date: December 2014
Transaction Type: Lease
Term: Ten years
Building Type: Industrial
Building Size: 108,000 sq. ft.
Aggregate Rent Price: $8,750,000
ELITE FLOWER WAREHOUSE