(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)
MIAMI—As the industrial market in Miami continues heating up, Jones Lang LaSalle is getting new leasing assignments in key submarkets. JLL has been tapped to exclusively lease Pan American North Distribution Center, an industrial project that spans 186,000 square feet in the Pan Am North Business Park in Medley, FL.
Located at 10733 NW 123rd Street, the industrial development is already under construction and expected to be ready for occupancy in the first quarter of 2013. The industrial asset is centrally located between Port Miami and Port Everglades in Fort Lauderdale and offers east access to the Florida Turnpike Extension and US-27 (Okeechobee Road).
JLL managing director Steven Medwin, who is participating in panel at RealShare Industrial on Thursday, along with vice president Nick Wigoda, will lead leasing efforts for the project. Medwin is a panelist for Real Share Industrial’s Transaction Panel: Outlook for Investment and Leasing on Thursday
“Pan American Distribution Center is one of two new industrial projects underway in Medley and it marks the first new construction in this business park since 2008,” Wigoda tells GlobeSt.com. “The new building’s design with high ceilings and abundant dock doors makes it appealing to businesses, such as food distributors and ocean freight companies, seeking industrial space in the marketplace.”
Owned by a Denver-based institutional landlord, the industrial development is suited for businesses looking for high-quality, class-A warehouse space in the prime sub-market of Medley. Space availability will range from 50,000 to 186,000 square feet of industrial space with new offices built to tenant’s specifications.
“With Pan American North Distribution Center’s state-of-the-art features and tremendous location within the prime Medley submarket, we expect to see a significant amount of interest from tenants looking to upgrade their warehousing and distribution facilities,” commented Medwin stated. “This property represents new industrial product for the active Medley submarket, which has one of the lowest vacancy rates in South Florida.”
South Florida is now seen as one of the top three industrial markets in the U.S., along with Los Angeles and northern New Jersey. Over the past couple of years, JLL’s industrial team in South Florida has leased more than one million square feet of warehouse space in Miami-Dade County on behalf of institutional investors such as Morgan Stanley, IndCor Properties and Lincoln Advisors.