(Read more on the industrial market.)
MEDLEY, FL-Lincoln Property Co. began construction on Lincoln Logistics Park, a three-building, 669,350-sf speculative warehouse/distribution project. The project is bounded to the east by NW 115th Avenue and to the west by the Florida Turnpike Extension.
The buildings will range in size from 163,100 sf to 342,750 sf and will include 32-foot clear ceiling heights and rear-load and cross-dock facilities. The project can accommodate tenants from 25,000 sf to 342,750 sf. The project will be located on a 39-acre site, which was acquired in late 2005 for $17 million. The buildings are expected to be completed in June 2008, August 2008 and October 2008.
The project is a joint venture between Lincoln Property Co. and Morgan Stanley Real Estate The architect is Norcross, GA-based Wakefield Beasley Associates and the general contractor is Marietta, GA-based the Conlan Co.
Lincoln Property Co. senior vice president Steven Medwin and senior vice president Harry Wardell will handle leasing for the project. Medwin tells GlobeSt.com that leasing efforts have started, but no leases have yet been signed. He anticipates that the space will attract local and regional distribution companies. "There's not much manufacturing in that area," Medwin says.
Medwin adds that Lincoln Property decided to move forward with the project on a speculative basis due to strong leasing conditions in the area and limited supply of industrial space. "There is a lot of owner-operated space, but not much speculative space in that area," he says.
According to a CB Richard Ellis Q2 Miami industrial market report, Medley's industrial market is experiencing a 3.07% vacancy rate with 239,040 sf of positive absorption year-to-date and average asking rental rates of $8.39 per sf.
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