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.

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.

“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.”