Avison Young Inks One Of Broward's Largest Industrial Renewals

Avison Young completed one of the largest industrial renewals in Broward in recent months.
Wayne Schuchts, Principal with Avison Young, represented KeHE Distributors in its 201,849-square-foot renewal at Meridian Business Campus, located at 3225 Meridian Parkway in Weston. As a result, the distribution center will continue to occupy 100 percent of the two-story building within the Campus.
Broward County’s industrial market reached the lowest vacancy rate since 2008 in Q4 2014, averaging 6.5 percent.
 

“Despite the recent strengthening of the industrial market in Broward, we were able to successfully negotiate a favorable lease for our client and in a location that continued to meet their space requirements, convenience in location, and economic value,” said Mr. Schuchts.

With the average user in the Broward market occupying 29,000 square feet and the median building size at 30,000 square feet, large blocks of space for 50,000 square feet and above are relatively sparse. This is compounded by the fact that activity and demand for warehouse space is increasing, resulting in over 470,000 square feet of absorption during Q4 2014 in South Broward.
 

“Demand for industrial space in Broward submarkets has heightened and is prompting tenants to compete for a narrowing supply of quality space,” continued Schuchts. “Our unique analytics and market knowledge led to extracting various advantages in advising our client to renew their lease position.”

KeHE Distributors is a leading distributor of natural, specialty, multicultural and fresh products to natural food stores, chain grocery stores, independent grocery stores and other specialty product retailers throughout North America.
Located in Southwest Broward with direct access to Florida’s major roadways, Meridian Business Campus is owned by Clarion Partners.

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