CE North America
50,000 sq. ft.
Corporate headquarter sale-disposition with short term leaseback
UniFirst is one of North America's largest workwear and textile service companies. To address its growth and expansion plans in South Florida, the company sought to renew the lease of its Miami facility and open a new location in Palm Beach County.
The main objectives for the Miami lease renewal were to maintain the location and to minimize the risks of a possible move and economic impact in a market that favored landlords. For the Palm Beach expansion, UniFirst wanted to find a location that was in the northern portion of the territory. Desired features for this new facility included a heavy office to warehouse ratio that was above market standard, high visibility and a heavy door count with van height loading for their trucks. Together, the Miami and Palm Beach sites would strategically position UniFirst’s distribution network in the northern and southern portions of the Tri-County area.
The local Cresa team worked closed with UniFirst management to implement a successful real estate solution. With our guidance, the workwear manufacturer was able to leverage expert market knowledge to negotiate favorable terms for its Miami renewal. As a result, the Miami location maintained its rental rate and received exceptional market concessions in the client’s favor.
The new Palm Beach facility boasts a 22% office to warehouse ratio in a market that is typically only 5-10%. Cresa negotiated an above standard office build-out on a turnkey basis that included the specialty van height loading requirement for all but one of the loading doors. The team was able to release UniFirst of any obligation to return the loading area to dock height, a practice that is standard per industrial lease terms. In addition, leases for both the Miami and Palm Beach locations include signage rights on the buildings facing major highways.