The subsidiary of Columbus, OH-based IntelliRisk Management Corp. signed a 25,590-sf lease. Miramar Park representatives wouldn't disclose terms but area brokers familiar with the property tell GlobeSt.com the estimated length of the contract is 10 years with an estimated value of $3.7 million, based on current market rents.
Asking rents for improved industrial-office space in the Miramar submarket average about $10.33-sf, according to a real estate market survey Cushman & Wakefield of Florida Inc. recently released on the Broward County industrial-warehouse market for the first quarter ended March 31.
Considering the lease includes provisions for improvements and additional parking, local market experts suspect Collectech paid an additional $4 to $4.50-sf for an estimated total $14.50-sf.
The lease agreement comes as the submarket shows an average overall vacancy rate of about 8.8% on a total inventory of about 9.2 million sf of industrial-warehouse space, according to the Cushman & Wakefield survey.
Net absorption for the year to date ended March 31 totaled about 121,954 sf, with 590,100 sf under construction. The survey indicates the Miramar Park of Commerce recently completed work on a 240,000-sf warehouse.
Although he would not discuss financial terms, Robert G. Orban, a Trammell Crow Co. vice president of brokerage services in the Miami office, tells GlobeSt.com that Collectech considers the agreement an attractive deal. The original contact with Collectech originated through Stevan Hanna, a Trammell Crow broker based in Atlanta, who maintains a relationship with another IntelliRisk subsidiary.
"We were able to get the property owner to invest more funds than they normally would for construction of interior improvements, including numerous built-in workstations," Orban says.
While indicators of a somewhat softer market are emerging, Orban says the Miramar submarket in southwest Broward County is still a property owner's market.
"There is probably a little more space available in the market than property owners would generally be comfortable with, but demand remains fairly strong," he says.
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