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

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

The project is a joint venture between Jacksonville-basedFlagler Development Group and San Francisco-based AMB PropertyCorp. The leasing agent for the property is David Albert, vicepresident of Codina Realty Services. Project manager Rafael Romerosays the building will be constructed on a speculative basis and isexpected to be completed in January. Leasing efforts for the space,which can accommodate a single tenant or multi-tenants, have begunbut no leases have been signed. "We have already leased 94% of theexisting buildings in the park," says project director RafaelRomero. "The market and the demand for industrial space in thisarea are strong and continue to grow."