DEERFIELD BEACH, FL-A ripple effect is taking place at Quiet Waters Business Park, a new, 46-acre, seven-building industrial development at 710-750 Powerline Rd. Buildings 1, 2 and 3, which reached completion during a slow market in the last half of 2003, are now obtaining major leases. In addition, signatures are out for the lease of 75% of the space in Buildings 6 and 7, which will open in January.

Dana Classic Fragrances inked a lease for 81,228 sf in 154,333-sf Building 2, taking leasing at the building, the largest in the park, to 100%. Andy Petry, SVP of the Boca Raton office of Grubb & Ellis, tells the rental rate is $5.75 per sf, triple-net. Petry is the exclusive leasing agent for the park, representing the owner, Quiet Waters Business Park LLC.

Ayco Farms, which initially agreed to lease approximately 6,000 sf in the approximately 100,000-sf Building 3, extended its lease to 25,000 sf prior to move-in. This building is now 57% leased at a rate of $6.75 per sf, triple-net. The similar size Building 1 is 40% leased, at $7.50 per sf, triple net, Petry says.

Two office/flex structures, Buildings 6 and 7, each 35,000 sf, will open in January, and Petry says, “there are signatures out for lease for 75% of the space.” The rental rate for these properties ranges from $12.95 per sf to $13.95 per sf, triple-net.

While there is no break ground date for the two remaining buildings in the complex, Petry says, “based on current leasing activity, I expect that to happen soon.” Designated Buildings 4 and 5, they will be 150,000 sf and 100,000 sf, respectively, “mirror images, of two of the initial three buildings,” which he describes as showroom/warehouse/light manufacturing facilities.

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