X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

DEERFIELD BEACH, FL-Lithia Springs, GA-based Sunbelt Marketing Investment Corp. has expanded into Florida with the signing of a 48,070-sf lease for warehouse space within Independence Park at 4301 NW 48th St.

Sunbelt was represented by Harry Tangalakis, of CB Richard Ellis, who is based in Fort Lauderdale. The building owner, Mancini International LLC, was represented by Fort Lauderdale-based Brenner Real Estate Group senior vice-president brokerage Jeffrey Scott. Sunbelt manufactures, assembles and distributes residential and commercial rough-in products for the construction industry.

“The tenant chose the space because it provides a full-fenced, paved security yard for storage of product outside of the building,” Scott says.

According to a CB Richard Ellis Q2 industrial market report for Broward County, the vacancy rate in Northeast Broward where Independence Park is located is 3.3% with 30,879 sf of positive absorption during the quarter and average asking rental rates of $8.65 per sf.

“Broward County is poised for durability during the next dip in the economy’s cycle,” the report states. “Vacancies will rise, sublease space will come on the market and asking rates will eventually stabilize and go down, but disciplined development combined with South Florida’s strong ties to the global market and importing/exporting can continue to help the industrial sector.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.