Seneca Wins 94,000 Industrial Lease

RTA Products just inked a 93,700-square-foot lease at Seneca Industrial Park.

MIAMI— RTA Products just inked a 93,700-square-foot lease at Seneca Industrial Park. Seneca is an 885,000-square-foot class A distribution and warehouse park at 2500 Southwest 32 ^nd Avenue in Pembroke Park, FL. Transwestern ‘s South Florida industrial team represented the park’s owner in the deal. Thomas Kresse , senior vice president of the firm, led the charge. “We continue to see strong demand in the Southeast Broward County industrial submarket as certain tenants want to be closer to the east side of town and the I-95 corridor to service the continual growth of the urban and core residential markets and retailers,” Kresse tells GlobeSt.com. “RTA Products is reflective of the types of tenants we are seeing at Seneca Industrial Park that want to be centrally located between Miami-Dade and Broward Counties and within close proximity to both Port Everglades and the Port of Miami.” RTA is an e-commerce drop ship distribution company. The firm is moving from the Southwest Broward to the Southeast Broward submarket, one of the most active in Broward County. Seneca Industrial Park’s location directly north of the Miami-Dade-Broward county line—just blocks west of Interstate 95—paves the way for RTA’s growth and expansion plans. The new building also meets the need for a geographic location that offers ease of access to distribution channels and consumers. “This demand has resulted in eight straight quarters of positive absorption and six consecutive quarters of vacancy rates below 7%,” Kresse says. “We expect these trends to continue in the near-term.” Driving this demand is the continued upswing of business growth within Broward County. Broward’s February 2016 unemployment numbers sit at 4.4%. That beats the state at 4.7% and country’s 5.2% averages. In line with the strengthening of the market, Transwestern’s industrial team, which also includes Walter Byrd , Ben Eisenberg , and Carlos Gaviria , has inked 400,000 square feet of new leases and renewals since it won the Seneca Industrial Park leasing assignment in January 2015. That total includes a lease for 93,700 square feet with Coca-Cola.