MIAMI—With all eyes on Miami's industrial market, developers are competing for land. A joint venture between Lincoln Property Company Southeast and a real estate fund advised by Crow Holdings Capital Partners just grabbed nearly seven acres in the Medley submarket.
The partners plan to develop a class A, 136,500-square-foot industrial facility on the land in the Pan American North Business Park. The JV acquired the site from Abisinia Enterprises Inc. for an undisclosed price. According to Comreal, the industrial vacancy rate in Miami now falls below 6%.
“Miami's industrial market has improved steadily in recent years, and with the economy growing ever stronger, vacancies should continue to drop while rents climb,” Roy Paskow, senior vice president of Lincoln who oversees the Miami office, tells GlobeSt.com. “Given the health of the market, we are very confident that this development will lease quickly and deliver healthy returns.”
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