Sunbeam Betting on More Spec Industrial

MPC-30 is the first building of its kind Sunbeam has constructed in the Miramar Park of Commerce since 2006.

MIAMI— Sunbeam Properties & Development is raising the walls on a 70,948-square-foot speculative office /flex building at the Miramar Park of Commerce. MPC-30 is the first building of its kind Sunbeam has constructed in the Miramar Park of Commerce since 2006. “Today, there is significant demand for high-quality flex/ office space with high parking ratios in southwest Broward County,” says Jonathan Kingsley , executive vice president of Colliers International and broker for MPC-30. “However, there is a limited supply of existing properties that meet those criteria. That, coupled with increasing rental rates for office and industrial space, has provided an opportunity for Sunbeam to contribute new flex space options to the market.” MPC-30 will offer impact resistant glass, Miramar Parkway frontage with lighted signage, a five per 1,000 parking ratio and subdivision capability to accommodate a 5,000-square-foot tenant. Interior features include 14 feet of clear ceiling height, a 126-foot non-shared truck court, and bays that are 130 feet deep. Completion is scheduled for the fourth quarter. “We are currently at 97% occupancy in our flex/ office product at the Park, so the timing of MPC-30 is right,” says Maridee Bell , vice president of Sunbeam Properties. Equidistant from Fort Lauderdale and Miami, MPC-30 is within minutes of Interstate 75 just one mile east of the Red Road interchange. The high-tech facility will also feature frontage, exposure and quick access to Florida’s Turnpike. “ South Florida industrial continues to be a fruitful market mirroring overall domestic markets,” Wayne Schuchts, a principal with Avison Young, tells GlobeSt.com. “Decreases in unemployment and vacancy coupled with increases in rent and net absorption have positively impacted the region. Land remains at a premium, becoming more expensive as it is relatively scarce.” Schuchts notes that 4.6 million square feet of absorption in Miami-Dade County is strong. With approximately 225 million square feet of total inventory in Miami-Dade and 110 million square feet in Broward, he calculates, Dade County’s absorption is nearly four times more than Broward and Palm Beach and nearly double the relative absorption. “The large unemployment drop in Broward County from 5.3% to 4.4% year-over-year as of February 2016 is likely an indicator of pent-up demand,” Schuchts says. “Broward’s vacancy rate of 7.1% vacancy lags behind Dade and Palm Beach. The 5.2 million square-foot Miramar Park of Commerce is home to 180 national and international companies. Siemens, American Express, Spirit Airlines and GE are among the tenants and more than 10,000 employees report to work there. It appears Sunbeam is on its way to another success with its development strategy.