CTS Engines has signed a long-term lease for 216,224 square feet at Osprey Logistics Park.
Colliers Executive Vice Presidents Steven Wasserman and Erin Byers represented the tenant, CTS Engines, in the transaction. Matthew McAllister and Chris Metzger of Cushman & Wakefield represented the landlord, Foundry Commercial, in the lease negotiations.
The 427,238-square-foot property is located at 12000 NW 39th Street in Coral Springs.
“South Florida is a thriving hub for aviation supply and maintenance companies. CTS Engines’ expansion in the market is an example of the industry’s continued growth,” said Wasserman.
Osprey Logistics Park is currently under construction for delivery in the fourth quarter of 2023. The 22-acre property will consist of two Class A industrial buildings; Building One will offer up to 210,994 square feet, and CTS Engines will occupy Building Two entirely. CTS Engines will move and establish its new headquarters at the building with plans to expand its operations and double its storage space. The Coral Springs site was chosen for its access to a well-trained labor force, as the company plans to employ over 300 employees at the new facility. The state-of-the-art warehouse will feature 36’ high ceilings, dock high and grade level loading, and heavy-power bridge cranes, assisting the provider in further enhancing its service capabilities. The architect for the project is RLC Architects.
“The potential for consolidation and modernization of our facility has been an ongoing conversation over the past several years. With the continued partnership and guidance from Steve and Erin at Colliers, CTS was able to understand the market and ultimately find a new, state-of-the art facility. We are proud to call this facility our new home for our employees and customers,” said CTS Engines CEO, Vesa Paukkeri.
CTS Engines is a global leader in mature engine maintenance. The company is an independent MRO providing complete maintenance, repair, overhaul, and testing services to owners and operators of mature wide-body aircraft engines. Since 2002, the provider has built its reputation on providing its military and commercial customers with high-quality, cost-effective solutions for engine maintenance. The firm has won several major overhaul engine repair contracts, and its new headquarters will allow the provider to meet the increasing demands of its customers.
The landlord, Foundry Commercial, is a full-service real estate service and investment company with over 380 employees and nearly 58 million square feet of space under leasing and management across the Southeast and Texas. The company provides corporate services, brokerage, leasing, building management, and project management services.
Located in the Northwest Broward industrial submarket, Coral Springs is one of the most active industrial submarkets in Broward County due to its prime location adjacent to Sawgrass Expressway. In the first quarter of 2023, the warehouse and distribution market in Northwest Broward had a vacancy rate of 4.4 percent, compared to 5.5 percent at the end of 2022. The average asking rent climbed to $15.55, a 10 percent increase quarter-over-quarter.
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