MIAMI—With all eyes on Miami's industrial market, developers are competing for land. A joint venture between Lincoln Property Company Southeast and a real estate fund advised by Crow Holdings Capital Partners just grabbed nearly seven acres in the Medley submarket.
The partners plan to develop a class A, 136,500-square-foot industrial facility on the land in the Pan American North Business Park. The JV acquired the site from Abisinia Enterprises Inc. for an undisclosed price. According to Comreal, the industrial vacancy rate in Miami now falls below 6%.
“Miami's industrial market has improved steadily in recent years, and with the economy growing ever stronger, vacancies should continue to drop while rents climb,” Roy Paskow, senior vice president of Lincoln who oversees the Miami office, tells GlobeSt.com. “Given the health of the market, we are very confident that this development will lease quickly and deliver healthy returns.”
The Medley site has about 350 feet of frontage along the Florida Turnpike and is located just south of the Okeechobee Road exit. The joint venture plans to bring a front-load, shallow-bay industrial building to market by spring of 2015.
The industrial building will feature a 32-foot clear ceiling height, 120-feet, all-concrete truck courts, an ESFR fire sprinkler system, and 52-foot by 45-foot column spacing with a 50-foot staging area. Billed as ideal for storage, distribution or light manufacturing use, the industrial facility also will include T5 energy-efficient lighting, heavy electrical power, drive-in ramps and four dock doors per bay. Americas Industrial Realty will lease the building.
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