WareSpace Invests in Space-Constrained Industrial Markets

Micro-bay warehouse space operator WareSpace recently announced it had made $36.5 million worth of industrial acquisitions in Miami Gardens, Fla., and South San Francisco, Calif. The acquisitions will offer more than 210 flexible warehouse units for small businesses in two markets where appropriately sized industrial space is increasingly difficult to find.

Totaling approximately 164,000 square feet, the assets bring WareSpace’s national footprint to 34 facilities totaling more than 3.2 million square feet across the U.S.

In south Florida, WareSpace paid $20.42 million for 4900 NW 167th St., which marked its third acquisition in the market. The property incorporates 100,000 square feet of suburban Miami industrial space(opens in new tab) that will be converted into flexible warehouse units. This investment is expected to serve more than 125 small businesses in one of Miami-Dade County’s busiest commercial corridors.

Notably, the property has direct access to the Palmetto Expressway and Interstate 95. It’s also positioned less than 20 minutes from WareSpace’s existing Medley location and 35 minutes from the Fort Lauderdale, Fla., location, which opened earlier this year.

“Miami gives us the opportunity to build on the momentum we’ve already established in south Florida, while South San Francisco opens the door to a new market where industrial space is becoming increasingly scarce,” said Levi Cohen, co-founder and CEO of WareSpace. “Both acquisitions reflect how we’re growing — expanding in markets where we’ve seen strong demand while selectively entering new ones where we see a clear opportunity for the WareSpace model.”

In California, WareSpace paid a little more than $16 million for the property at 161 Starlite St. in a transaction that marked the company’s first in the Bay Area market. Totaling 64,103 square feet of South San Francisco industrial space(opens in new tab), the property will be converted into more than 85 flexible units meant to serve the needs of small businesses operating in what is one of the most supply-constrained industrial markets in the country.

“These acquisitions are in very different parts of the country, but the opportunity is remarkably similar,” said Joseph Ely, co-founder and COO of WareSpace. “Both areas are population-dense, high-barrier markets where small businesses need industrial space close to their customers and employees, but appropriately sized options are increasingly difficult, if not impossible, to find. We’re continuing to invest in locations and assets where we see that disconnect and where our model can solve a real need for business owners across America.”