MEDLEY, FL-APX Logistics has signed a long-term lease for a new, 40,000-sf industrial facility at 9215 NW 101st St. in Medley Commerce Center. The value of the lease and rental rate were undisclosed; however, the average asking rental rate for industrial space in the Medley submarket is $6.38 per sf, according to a second-quarter 2005 report from the Miami office of CB Richard Ellis.
This contrasts with average asking rates of between $7.42 per sf and $7.73 per sf in parts of Broward County, according to CBRE. Chris Gallagher of CBRE's Fort Lauderdale office says Broward was the Santa Fe Springs, CA-based provider of package logistics services' initial preference. "Industrial market conditions are tight across most of South Florida," he says. "Due to limited availability and increasing rents, APX extended its search into Miami-Dade County."
Gallagher conducted the search for APX and also represented it in the negotiations for its new location. Miami-based Americas Industrial Realty represented the building owner. Darwin Falk, APX VP of process improvement and quality, credits Gallagher with finding "a building closely matching our needs" to service South Florida customers. The company is one of the country's largest business-to-consumer delivery firms.
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