Rents at the speculatively-built project will be in the $3 per sf to $6 per sf range. The value of C&W's contract was not disclosed.
Building A will have 186,000 sf of rentable space; Building B, 289,000 sf; and Building C, 436,000 sf, the largest single spec distribution structure ever built in South Florida, according to P. Benjamin Eisenberg, senior director of industrial brokerage in Cushman & Wakefield's Miami office. The buildings will have clear heights of 30 feet, adding six feet more of cubic storage than the typical 24-foot warehouse structure.
The broker expects the space will be leased quickly because of strong demand in this southwest Broward submarket. "A few years ago, the typical lease was 30,000 to 50,000 square feet for a five-year-term," Eisenberg tells GlobeSt.com. "Now we are seeing 150,000-sf to 250,000-sf leases for 10 to 15-year-terms." IDI is also developing business parks in the South Florida markets of Weston, Sunrise and Pompano Beach.
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