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MIAMI-A joint-venture between Coral Gables-based Codina Group and San Francisco-based AMB Properties is set to break ground for the first of about 16 planned warehouse distribution buildings in Village at Beacon Lakes, a 56-acre parcel within the 436-acre Beacon Lakes Business Park. While the larger park, which opened last year principally with a lease from DHL for a 206,000-sf building, is targeting large multinational firms as tenants, the "village" area is the "ownership" component, targeted to small businesses.

Phase I, the first building, is a 52,000-sf spec facility being marketed in units of 6,584 sf for approximately $129 per sf. George Pino of the local office of Codina Realty Services tells GlobeSt.com he has reservations for more than 50% of the facility, and the price per unit is now $850,000, "up a little bit since we began marketing," he says. He is marketing the park along with Jose Juncadella and David Spillers of the same Codina office.

A second building of similar size will break ground as soon the first building's pre-sales reach 100%, Andy Miyares, project manager for Codina Group, tells GlobeSt.com, "and the pricing will probably creep up." While he declined to provide Codina/AMB's estimated construction costs, he says, "the average hard construction cost for this type of building in the area ranges between $50 per sf and $70 per sf, with smaller buildings at the upper range and larger ones in the lower range."

The JV ultimately plans to construct 16 buildings here within the next five to seven years, Miyares says. "If a big build-to-suit comes along, the number and size of buildings could change, but the park is planned for an aggregate of about one million sf." Speaking of the entire park, Miyares says, "we think there's demand among Fortune 500-type companies for rental facilities and that smaller companies, particularly from South America, want to be owner-users."

Instant Insights /

Village at Beacon Lakes Moves Closer to Reality

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