Coca-Cola Beverages signed a lease renewal for their 93,700 square feet warehouse and distribution center at Seneca Industrial Park, located at 2500 SW 32nd Avenue in Pembroke Park.
Jonathan Kingsley, Executive Managing Director for Colliers Office and Industrial Services, represented Coca-Cola Beverages in the 64-month term renewal.
“This renewal signifies the excellent long-term relationship between Coca-Cola and Nuveen,” said Kingsley. “We’re seeing more tenants and landlords recognizing the value of their long-term relationships in a very competitive industrial market environment.”
According to the most recent Colliers market report, Broward County’s industrial market ended the third quarter with over 1.5 million square feet of net absorption and a development pipeline of 1.3 million square feet.
The renewal is valued at nearly $4 million and was executed in July this year. Coca-Cola has been a long-term tenant at the Seneca Industrial Park, an 885,000-square-foot Class A distribution and warehouse, since 2005, when Kingsley first introduced Coca-Cola to the park. Transwestern Senior Vice President Thomas Kresse represented the landlord, Nuveen, in the transaction.
Robust leasing activity and compressing vacancy rates position Broward County for a record-breaking year for net absorption. Rent growth has been intensified by the elevated demand for quality industrial supply, and a 1.3 million square foot new development pipeline. This renewal is reflective of the heightened demand for Class A industrial product and the desire to lock in commitments to quality space.
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