X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

MIAMI-A joint-venture between Coral Gables-based Codina Group and San Francisco-based AMB Properties is set to break ground for the first of about 16 planned warehouse distribution buildings in Village at Beacon Lakes, a 56-acre parcel within the 436-acre Beacon Lakes Business Park. While the larger park, which opened last year principally with a lease from DHL for a 206,000-sf building, is targeting large multinational firms as tenants, the “village” area is the “ownership” component, targeted to small businesses.

Phase I, the first building, is a 52,000-sf spec facility being marketed in units of 6,584 sf for approximately $129 per sf. George Pino of the local office of Codina Realty Services tells GlobeSt.com he has reservations for more than 50% of the facility, and the price per unit is now $850,000, “up a little bit since we began marketing,” he says. He is marketing the park along with Jose Juncadella and David Spillers of the same Codina office.

A second building of similar size will break ground as soon the first building’s pre-sales reach 100%, Andy Miyares, project manager for Codina Group, tells GlobeSt.com, “and the pricing will probably creep up.” While he declined to provide Codina/AMB’s estimated construction costs, he says, “the average hard construction cost for this type of building in the area ranges between $50 per sf and $70 per sf, with smaller buildings at the upper range and larger ones in the lower range.”

The JV ultimately plans to construct 16 buildings here within the next five to seven years, Miyares says. “If a big build-to-suit comes along, the number and size of buildings could change, but the park is planned for an aggregate of about one million sf.” Speaking of the entire park, Miyares says, “we think there’s demand among Fortune 500-type companies for rental facilities and that smaller companies, particularly from South America, want to be owner-users.”

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. NET LEASE Awards 2021Event

These awards honor the industry's most influential and 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.