MIAMI—With vacancy rates in Miami industrialdeclining, developers are rushing to deliver the next generation ofspace. Turnpike Park will be among the next wave ofindustrial developments to hit the market.

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A joint venture between Lincoln PropertyCompany and a real estate fund advised by CrowHoldings Capital Partners just broke ground on the class Aindustrial development. The 136,500 building isrising from dirt in Miami's Medley submarket.

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“With today's tenants seeking warehouse space that will allowthem to operate more efficiently, we are extremely confident in thefuture of Turnpike Park,” says Roy Paskow, seniorvice president of Lincoln who oversees the firm's Miami office.“With its many features that will promote efficiency for itstenants, and its prime location with over 350 feet of frontagealong the Florida Turnpike, this is a development that is poised tolease quickly.”

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Paskow is certainly confident and has reason to be given thedelivery timing. Turnpike Park is set to hit the market in thesecond quarter of 2015. According to Marcus &Millichap, industrial space demand haspushed vacancy down nearly 500 basis points since the most recentpeak in 2010, and small businesses are absorbing much of theoutdated space vacated by growing distribution and warehousingfirms.

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Turnpike Park will feature a 32-foot clear ceiling height,120-feet, all-concrete truck courts, and 52-foot by 45-foot columnspacing with a 50-foot staging area. The facility, which istargeting warehousing, distribution or light manufacturing users,will also include heavy three-phase electrical power, T5energy-efficient lighting, an ESFR fire sprinkler system, drive-inramps and four dock doors per bay.

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Turnpike Park is located within the Pan American North BusinessPark in Medley. That's close to all major roadways, including theFlorida Turnpike, Palmetto Expressway, Okeechobee Road (US 27),Interstate 75, and the Dolphin Expressway. Theindustrial building will also offer quick accessto MIA Cargo, Miami International Airport, Port Miami, and theentire Tri-County area. Americas Industrial RealtyCorp. will lease the building, which is located along theFlorida Turnpike, just south of the Okeechobee Road exit.

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“Rent increases have got to appear in the next 12 to 18 months,”Geoffrey Kasselman, executive managing director atNewmark Grubb Knight and Frank, told us atRealShare Industrial South Florida. “There are two manycontributing factors, between rising transportation costs and truckdriver shortage and a desire to save costs, especiallly laborcosts.” You can see morepost-even coverage here.

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