MIAMI—South Florida's industrial market growing stronger and the International Corporate Park in Doral, FL among the commercial real estate properties reaping the benefits. LaserShip, Inc., a delivery service provider, just inked a 58,000-square-foot deal at the industrial property.
The space, formerly occupied by Schenker Logistics, was leased in just two months, with LaserShip set to move into the space in September. LaserShip was represented by Kamil Pharaony of The Katsikos Group in the transaction. Jones Lang LaSalle managing director Steven Medwin and vice president Nick Wigoda represented the landlord, Indcor Properties.
“LaserShip, Inc., a parcel carrier facilitating last mile delivery to east coast markets, is the latest tenant to see the benefits of having a presence in a Class A corporate park centrally located in one of Miami's hottest submarkets,” says Medwin. “We were able to fill the space in record time, as tenant demand for this type of warehousing product is strong in Doral.”
International Corporate Park sits in Miami-Dade's Airport West/Doral submarket, one of the top industrial hubs in South Florida with millions of square feet of class A warehouse space and numerous business parks. Currently, the Airport West area has a total vacancy rate of 7.3%, the second lowest of any industrial submarket in Miami-Dade, according to JLL's second quarter Miami-Dade Industrial Statistics Report.
“We are focused on growing our relationships with quality tenants like LaserShip throughout our national portfolio,” says Amy Curry, senior vice president/asset manager for Indcor,which owns and manages a portfolio of approximately 7.1 million square feet of industrial real estate in Florida. “The success we have had with our portfolio at International Corporate Park is a testament to our commitment to provide exceptional service to our tenants.”
For their part, Medwin and Wigoda have completed more than 625,000 square feet of industrial transactions, including new leases, renewals and expansions, over the past year at the eight-building portfolio at 9905 NW 17th Street owned by IndCor for a combined value in excess of $30 million. Other companies located at the corporate park include Expeditors International and Global Perishable Solutions, which combined leased a total of 92,000 square feet in the past year.
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