MIAMI-Jones Lang LaSalle’s Miami-based industrial brokerage team has completed the largest industrial warehouse lease in South Florida in the past two years. JLL leased 342,750 square feet at Lincoln Logistics Park to Bel Inc., a promotions firm that employs about 500 people.
JLL Executive Vice Presidents Steven Medwin and Harry Wardell, along with Vice President Nick Wigoda, represented the landlord, Morgan Stanley Real Estate. CB Richard Ellis Senior Vice President Dave Albert and Vice President Devin White represented Bel. The value of the long-term lease exceeds $16 million, according to Medwin.
“The landlord was willing to work with Bel in terms of tenant improvements,” Medwin tells GlobeSt.com. “It’s a brand new building. It’s never been occupied, so the landlord knew they would need to make improvements, like lighting and office space.”
Located at 12610 NW 115th Avenue in the Medley submarket, the 342,750-square-foot warehouse Bel leased is one of three buildings in the 670,000-square-foot park. The JLL team has completed six leases at the park valued at nearly $40 million during the 15 months it has been on the market.
“Bel consolidated three locations to move into Lincoln Logistics park,” Albert tells GlobeSt.com. “The deal made a lot of sense for the tenant, not only because of the attractive rental structure but also because of the efficiencies the building offered. Bel is coming out of several buildings with 22-foot and 23-foot ceiling heights. The new space offers 32-foot clear ceiling heights.”
Hydroponics equipment distributor Hydrofarm Inc. also signed a 34,740- square-foot lease at Building 100. The firm, which is expanding from nearby Flagler Station, will take occupancy during the first quarter of 2011. Mort Fetterolf of CBC Tenant Advisors represented Hydrofarm. The park is now 97% occupied.
“We have seen some strengthening in Miami’s industrial marketplace,” Albert says. “Airport West has really come around and is running relatively low vacancies for class A product. Medley is the next industrial area to benefit from the recovery. When companies can’t find what they need in Doral—and if they don’t have to be in Doral—they will go to Medley because there are similar quality facilities.”
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