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

MIAMI-Developers have begun construction on Beacon Lakes Building 7, a 192,476-sf warehouse/distribution building situated on a 9.71-acre site in the Beacon Lakes business park.

The project is a joint venture between Jacksonville-based Flagler Development Group and San Francisco-based AMB Property Corp. The leasing agent for the property is David Albert, vice president of Codina Realty Services. Project manager Rafael Romero says the building will be constructed on a speculative basis and is expected to be completed in January. Leasing efforts for the space, which can accommodate a single tenant or multi-tenants, have begun but no leases have been signed. “We have already leased 94% of the existing buildings in the park,” says project director Rafael Romero. “The market and the demand for industrial space in this area are strong and continue to grow.”

Beacon Lakes, located west of Miami International Airport and northwest of the intersection of State Road 836 and the Florida Turnpike, is a master planned 480-acre business park. There is room to develop more than 6.6 million sf of industrial space. When Building 7 is completed, there will be four buildings with 850,000 sf of space. “Beacon Lakes is on one of the last major parcels of undeveloped land in Miami and provides direct access to the airport and Florida Turnpike, essential to firms moving good through the global supply chain,” says AMB East Region managing director Jay Cornforth.

Developers decided to move forward with construction because leasing has been strong in the Miami Airport West industrial submarket and also at Beacon Lakes, In fact, in August two new tenants were announced for Beacon Lakes. Panalpina Inc. leased 192,426 sf at Building 10 and Freight Logistics leased 35,160 sf at Building 6. Both tenants expect to take occupancy in early 2007.

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