Cushman & Wakefield announced that it has brought Seneca Lakes Business Center, a 107,644-square-foot, two-building industrial campus at 3400–3500 SW 20th Street in Pembroke Park, to full occupancy.
In a complex series of transactions, the industrial brokerage team of Executive Director Richard Etner, Executive Director Christopher Metzger, Senior Director Christopher Thomson and Associate Director Matthew McAllister helped broker the sale of one building before bringing the entire campus to 100 percent occupancy.
In November 2015, the team represented Riking Enterprises in the sale of 3500 SW 20th Street to DCT Industrial Trust Inc. The transaction was valued at nearly $6.2 million, or $115 per square foot. The team was then retained by DCT Industrial Trust and IRBA, LLC, owner of 3400 SW 20th Street, to handle the leasing of both buildings and consult on building design. Within three months, the entire campus was fully leased.
Leasing activity began in November when the team signed a ±24,223-square-foot lease with Impact Glass in the 3500 building. In January, The Glove Store took all 53,822 square feet in the 3400 building. In February, Baltec Marine leased the remaining ±29,981 square feet in the 3400 building to bring both facilities to full occupancy.
Seneca Lakes Business Center is a state-of-the-art, Class A industrial park built in 2015.
“The pace at which these deals came together was remarkable,” said Etner, who along with Metzger, Thomson and McAllister, was recently named Industrial Brokerage Team of the Year by NAIOP South Florida. “We were able to go from a Certificate of Occupancy to 100 percent leased in just four months. It speaks to the incredible demand we’re currently seeing in the Broward industrial market.”
Cushman & Wakefield research has documented excellent fundamentals in the Broward County industrial market and expects more short-term gains.
“Job growth throughout Broward County increased by more than 21,000 jobs during the year,” wrote Senior Research Analyst Valerie Tatum in the firm’s 4Q 2015 Broward County Industrial MarketBeat report. “Industrial demand fed part of that growth as several companies renewed and expanded in the market to take advantage of the area’s location in the middle of the growing South Florida economy. Broward County is expected to remain a top industrial market in South Florida by providing space options that meet today’s tenant requirements. With strong absorption, rising rental rates and healthy leasing activity, Cushman & Wakefield forecasts solid improvement in the industrial market for all of Broward County in 2016.”
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