MIAMI—South Florida’s industrial properties continue to see occupancy rise—and some of them are flat out full. That’s the case at Prospect Park III, a class A distribution center in Fort Lauderdale that’s now 100% occupied.
J. M. Field Marketing, a full-service marketing and fulfillment company for several large international companies, just took down the last space at Prospect. J.M. offers e-commerce fulfillment clients a complete inventory management solution with its proprietary inventory management software AllInView.
“J.M. Field Marketing’s record growth in 2013 and during the first quarter of 2014 required us to increase our warehouse occupancy quickly,” says Jack Field, president of J. M. “The transaction was completed from start to finish in about one week allowing us to move in immediately and begin fulfillment for our expanding customer base.”
CBRE represented KTR Capital Partners, the landlord. No other brokers were involved in the transaction. Prospect is located at 5400 Northwest 35th Avenue in Fort Lauderdale, FL. This is the second lease in a month the park, bringing the two buildings with a combined 130,000 square feet to full occupancy.
“This is an important milestone for KTR, which purchased the buildings mostly vacant and finished renovating in February 2014,” says CBRE associate Larry Genet. “These new leases speak to the strong demand in Broward for class A distribution space.”
Prospect Park III is a 66,075-square-foot distribution center featuring 25-foot clear height, full building fire suppression, dock-high and recessed loading, and brand new T-5 lighting. The industrial property is located in the campus-style Fort Lauderdale Commerce Center, three-quarters of a mile east of the Florida Turnpike and approximately two miles west of Interstate 95. The Fort Lauderdale-based team of CBRE industrial brokers who arranged the lease also included senior vice president Harry Tangalakis and first vice president Tom O’Loughlin.