Miramar Park of Commerce Adds Another 121,000 SF

MIRAMAR, FL-As JL Audio expanded to 136,633 sf and Wegman Associates of Florida Inc. extended and relocated to 21,094 sf in another building in Miramar Park of Commerce, the developer constructs two new buildings to join the existing 64 in its 540-acre warehouse distribution center. The new flex/office facilities are 72,000-sf and 49,000 sf, respectively.

Norcross, GA-based Wegman is a facilities management service company. Its new location here is in Building MPC-7C. JL Audio, a designer and supplier of high-end consumer electronics, has been in the park since 1998. It is adding 13,032 sf to its existing 123,601-sf office/warehouse space in Building MPC-13.

Without disclosing the terms and values of the new lease agreements, Maridee Bell, director of leasing for the park's owner, Miami-based Sunbeam Properties & Development, tells GlobeSt.com that the rate for distribution facilities with 10% office in these buildings is $7.95 per sf, gross. The park opened in 1985 and currently occupies 540 acres containing 64 buildings aggregating 4.3 million sf. "Sunbeam owns four million sf," she says, "and the rest is owner-occupied." The park is expandable to 600 acres.

Currently two new spec office/flex buildings are under construction. One is 49,000 sf, and 43,000 sf of it is pre-leased, Bell says. The other, a 72,000-sf structure, remains available. The shells will reach completion this month.

Rental rates vary according to tenants' build-to-suit interior specs. "The asking rate for space containing 15% office is $9.35 per sf, triple-net," Bell says. "If a tenant wants 100% office, there's a $30-per-sf build-out allowance and the rate is $14.50 per sf, triple net."