(Read more on the industrial market.)
PEMBROKE PARK, FL-Hilti North America Inc. has signed a 22,885-sf lease for warehouse space in Seneca Industrial Park in southeastern Broward County.
John Vaught and Elsa Heredia with CB Richard Ellis' Miami Airport office represented the tenant. The New York-based KTR Seneca II LLC, owner of the SW 22nd Street park, was represented by Cushman & Wakefield Inc.
"Hilti North America needed a central location for their distribution point in South Florida," Vaught says in a press release. "The space at Seneca Industrial Park is an excellent fit for Hilti's requirements."
KTR Capital Partners is constructing four buildings within the 31-acre Seneca North section of the one-million-sf Seneca Industrial Park, located between the Miami and Fort Lauderdale airports and ports. Under construction are the 97,233-sf Building 1, 168,755-sf Building 2, 261,000-sf Building 3 and 26,639-sf Building 4. The industrial development is close to interstates 95 and 595 plus the Florida Turnpike.
Hilti provides a variety of products and systems designed for jobs in mechanical and electrical, industrial, telecommunications, civil engineering, building construction, steel and interior finishing. The company's products include advanced powder actuated tools, drills, power chisels, electric screw fastening systems, anchoring products, concrete coring and cutting products, construction chemicals and fire stop.
According to CBRE's Broward County industrial report for the third quarter, vacancy is 4% in the southeastern sector. To date this year, there has been 441,804 sf of negative absorption a submarket with 563,637 sf under construction. The corridor's average industrial rent is $9.26 per sf.
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