X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MEDLEY, FL-Through its Miami office, Dallas-based Lincoln Property Co. has bought 39 acres for development of a three-building, 650,000-sf spec warehouse distribution center tentatively called Lincoln Logistics Park.

In partnership with Morgan Stanley Real Estate’s prime property fund, Lincoln paid $17 million, or $435,897 an acre and $10 per sf, for the land. Steven J. Medwin, a Lincoln VP in the Miami office, tells GlobeSt.com, the all-in development cost, including the land acquisition, is estimated at between $50 million and $60 million.

The parcel at NW 138th Street and NW 115th Avenue is adjacent to the Pan American North Business Park and contains more than 2,000 feet of frontage along the Florida Turnpike extension. It is one of the largest contiguous parcels of developable industrial land in the Airport West and Medley submarkets.

Medwin and Harry E. Wardell, also a VP in Miami, represented Lincoln in the land acquisition, and they will be marketing the development. Lee Katsikos of Doran Jason Group of Florida Inc. and Michael Sigerman of Lucky Commercial Realty represented the seller, Turnpike Land Corp.

Medwin says Lincoln will begin construction within six to nine months, and completion is expected within 12 to 18 months. “The plan now calls for three buildings, two of approximately 160,000 sf and another of about 340,000 sf. We plan to construct them simultaneously, all on spec, but if a build-to-suit client intervenes, the configuration and timeline could change a bit.

“The market is very active,” he says. “There are quite a few companies looking for class A, institutional grade facilities for 100,000 sf and up. We’ve had inquiries.” He says the rental rate will be “market rate,” but declined to provide a rate prior to completion. Current industrial rates in Medley are $6.34 per sf for bulk distribution facilities, $8.20 per sf for flex industrial and $6.38 per sf overall, according to a September statistical update from the Miami office of CB Richard Ellis, which puts the industrial vacancy in the submarket at 2%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.