New Broward Industrial Hits 100% Occupancy

MIAMI—Seneca Lakes Business Center, a 107,644-square-foot, two-building industrial campus in the Fort Lauderdale suburb of Pembroke Park, FL, just reached full occupancy. The industrial assets are located at 3400–3500 Southwest 20th Street.

Cushman & Wakefield executive director Richard Etner, executive director Christopher Metzger, senior director Christopher Thomson, and associate director Matthew McAllister helped broker the sale of one industrial building before bringing the entire campus to 100% occupancy. The firm called it a “complex series of transactions.

“The pace at which these deals came together was remarkable,” Etner tells GlobeSt.com. “We were able to go from a Certificate of Occupancy to 100% leased in just four months. It speaks to the incredible demand we're currently seeing in the Broward industrial market.”

Built in 2015, Seneca Lakes Business Center is a class A industrial park. It features built-to-suit offices, Early Suppression Fast Response (ESFR) fire sprinklers, 32-foot clear ceiling heights, 40-foot by 50-foot column spacing, R–19 roof insulation, underground roof drainage, dock-high loading, and a concrete truck court. The industrial park offers transportation access via Interstate 95, Interstate 595, Florida's Turnpike and Interstate 75.

Here's the backstory on the transaction: In November 2015, the team represented Riking Enterprises in the sale of 3500 Southwest 20th Street to DCT Industrial Trust. The transaction was valued at nearly $6.2 million, or $115 per square foot.

DCT Industrial and IRBA, owner of 3400 SW 20th Street, retained CushWake to handle the leasing of both industrial buildings and consult on building design. Within three months, the entire industrial campus was fully leased.

In November, Impact Glass leased a 24,223-square-foot lease space in the 3500 building. In January, The Glove Store took all 53,822 square feet in the 3400 building. Baltec Marine leased the remaining 29,981 square feet in the 3400 building to bring both industrial facilities to full occupancy in February.

“Job growth throughout Broward County increased by more than 21,000 jobs during the year,” wrote senior research analyst Valerie Tatum in the firm's 4Q 2015 Broward County Industrial MarketBeat report. “Industrial demand fed part of that growth as several companies renewed and expanded in the market to take advantage of the area's location in the middle of the growing South Florida economy. Broward County is expected to remain a top industrial market in South Florida by providing space options that meet today's tenant requirements. With strong absorption, rising rental rates and healthy leasing activity, Cushman & Wakefield forecasts solid improvement in the industrial market for all of Broward County in 2016.”

MIAMI—Seneca Lakes Business Center, a 107,644-square-foot, two-building industrial campus in the Fort Lauderdale suburb of Pembroke Park, FL, just reached full occupancy. The industrial assets are located at 3400–3500 Southwest 20th Street.

Cushman & Wakefield executive director Richard Etner, executive director Christopher Metzger, senior director Christopher Thomson, and associate director Matthew McAllister helped broker the sale of one industrial building before bringing the entire campus to 100% occupancy. The firm called it a “complex series of transactions.

“The pace at which these deals came together was remarkable,” Etner tells GlobeSt.com. “We were able to go from a Certificate of Occupancy to 100% leased in just four months. It speaks to the incredible demand we're currently seeing in the Broward industrial market.”

Built in 2015, Seneca Lakes Business Center is a class A industrial park. It features built-to-suit offices, Early Suppression Fast Response (ESFR) fire sprinklers, 32-foot clear ceiling heights, 40-foot by 50-foot column spacing, R–19 roof insulation, underground roof drainage, dock-high loading, and a concrete truck court. The industrial park offers transportation access via Interstate 95, Interstate 595, Florida's Turnpike and Interstate 75.

Here's the backstory on the transaction: In November 2015, the team represented Riking Enterprises in the sale of 3500 Southwest 20th Street to DCT Industrial Trust. The transaction was valued at nearly $6.2 million, or $115 per square foot.

DCT Industrial and IRBA, owner of 3400 SW 20th Street, retained CushWake to handle the leasing of both industrial buildings and consult on building design. Within three months, the entire industrial campus was fully leased.

In November, Impact Glass leased a 24,223-square-foot lease space in the 3500 building. In January, The Glove Store took all 53,822 square feet in the 3400 building. Baltec Marine leased the remaining 29,981 square feet in the 3400 building to bring both industrial facilities to full occupancy in February.

“Job growth throughout Broward County increased by more than 21,000 jobs during the year,” wrote senior research analyst Valerie Tatum in the firm's 4Q 2015 Broward County Industrial MarketBeat report. “Industrial demand fed part of that growth as several companies renewed and expanded in the market to take advantage of the area's location in the middle of the growing South Florida economy. Broward County is expected to remain a top industrial market in South Florida by providing space options that meet today's tenant requirements. With strong absorption, rising rental rates and healthy leasing activity, Cushman & Wakefield forecasts solid improvement in the industrial market for all of Broward County in 2016.”