First-quarter overall industrial-warehouse vacancies in the Medley submarket average about 3.7%, according to Cushman & Wakefield research. The market absorbed about 379,470 sf during the quarter, with about 959,670 sf reported under construction.

"Of the amount under construction, about 500,000 to 600,000 sf is build-to-suit transactions," Ramoski says. "The balance on average would be speculative development for lease."

The closing comes as Dade Paper, a private company that produces in excess of $175 million a year in revenue, continues to execute an aggressive expansion that included the development of a new technologically advanced production plant about a year ago in Jacksonville.Employing slightly more than 550 employees, the Miami-based company supplies more than 7,000 items to hotels, restaurants, resorts, country clubs, groceries, cruise ships and theme parks mostly in the Southeastern U.S., Puerto Rico and the other Caribbean nations."Our plan is to triple our sales and customer base within the next 5 years," Irving Genet, Dade Paper's founding chairman, says in a prepared statement issued in February about the company's recent acquisitions of Atlanta-based Empire Paper Co. and Atlanta Broom Co.