MIAMI—IndCor Properties has inked a 324,000-square-foot lease transaction with Floor and Décor Outlets of America at its Countryline Business Center in Miramar, FL. The lease renewal marks the largest industrial deal in South Florida so far this year.

“Our JLL team worked closely with IndCor Properties and Floor & Decor to accommodate the tenant's expansion of its operations at the property,” says JLL managing director Steven Medwin, Medwin, along with JLL senior vice president Nick Wigoda and associate Matt Maciag, represented IndCor, the property's owner. CBRE represented the tenant.

Located in the southwest Broward industrial submarket, the class A industrial asset offers 545,000 square feet of warehouse, light manufacturing, and office space. The deal represents a renewal of 183,000 square feet and an expansion of an additional 140,000 square feet within the building.

“With this transaction, the tenant will fill a large portion of the space Kellstrom Industries will vacate as it downsizes from 250,000 square feet,” Medwin says. “The remaining 110,000 square feet of warehouse space available in the building offers an attractive opportunity to industrial users seeking class A, centrally located space in the heart of South Florida.”

Ken Krasnow, managing director for CBRE, tells GlobeSt.com South Florida Office and industrial rents will continue to climb. With steady demand for space, and little-to-no development on the horizon, he expects industrial and office rents will inch up further.

“South Florida has the fourth-highest job growth rate in the nation, at an average of 33,000 annually over the last five years,” Krasnow says. “Projections over the next five years put South Florida's population growth at over 100,000 people annually and job growth at over 45,000 annually. Approximately 42% of these new jobs are for office-using tenants.”