Keystone's 10-year lease at 10505 N.W. 112th St. is estimated to be worth approximately $5.72 million.
"This is a real important deal for Beacon Station and the Medley area," Stuart Gordon of Codina Realty Services tells GlobeSt.com. "That was a nice deal. It was an important deal because we immediately backfilled space that Perfumania was moving out of."
Perfumania just recently moved to Broward County.
Keystone Automotive Industries will most likely move in November, Gordon says. The publicly traded company is relocating from a building within the Medley area a few miles away.
"The reason they're moving to Beacon Station is because of the ease of access in and out of the park," including access to Florida's Turnpike, Interstate 75 and the Palmetto Expressway, says Gordon.
In addition, he says, the company was looking for a higher image and Beacon Station was a good fit because it is not only well-known but also well-maintained.
Keystone Automotive Industries is a 50-plus-year-old distributor of after-market automotive collision replacement parts. The company distributes products mainly to more than 25,000 collision repair shops in the US through its 124 distribution facilities in 39 states, Canada and Tijuana, Mexico.
Gordon and Pedro J. Garcia of Codina Realty Services Inc. ONCOR International represented the park's owner, Flagler Development Co., and were the only brokers involved in the transaction.
The lease is indicative of long-term leases signed recently at Beacon Station, where mid-term deals are typical, a spokeswoman says. One other long-term deal was the recent lease with Suncoast Post Tension for 38,648 sf of industrial space, a deal estimated to be worth about $1.57 million.
With 4.5 million sf, Beacon Station is South Florida's largest business park.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.