(Read more on the industrial market.)
DEERFIELD BEACH, FL-Lithia Springs, GA-based Sunbelt Marketing Investment Corp. has expanded into Florida with the signing of a 48,070-sf lease for warehouse space within Independence Park at 4301 NW 48th St.
Sunbelt was represented by Harry Tangalakis, of CB Richard Ellis, who is based in Fort Lauderdale. The building owner, Mancini International LLC, was represented by Fort Lauderdale-based Brenner Real Estate Group senior vice-president brokerage Jeffrey Scott. Sunbelt manufactures, assembles and distributes residential and commercial rough-in products for the construction industry.
"The tenant chose the space because it provides a full-fenced, paved security yard for storage of product outside of the building," Scott says.
According to a CB Richard Ellis Q2 industrial market report for Broward County, the vacancy rate in Northeast Broward where Independence Park is located is 3.3% with 30,879 sf of positive absorption during the quarter and average asking rental rates of $8.65 per sf.
"Broward County is poised for durability during the next dip in the economy's cycle," the report states. "Vacancies will rise, sublease space will come on the market and asking rates will eventually stabilize and go down, but disciplined development combined with South Florida's strong ties to the global market and importing/exporting can continue to help the industrial sector."
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