Industrial Demand Remains Strong In Broward County As HVAC Contractor Signs 10-Year Lease

Hill York, a Fort Lauderdale-based HVAC contractor, signed a ten-year lease at the I-595 Business Center in Dania Beach. This state-of-the-art Class A warehouse and distribution space is located at 3400 SW 30th Avenue.

Colliers South Florida Senior Director Ronald Schagrin represented the tenant, Hill York, in negotiating the long-term lease. Chris Metzger of Cushman & Wakefield represented the lessor, MSG Marina Mile, LLC, in the transaction.

Since 1936, Hill York has been providing energy-efficient services for installing, maintaining, and repairing a wide range of commercial heating, cooling, and ventilation systems across Florida.

“The lease of I-595 Business Center is ideal space for Hill York as it is designed to provide a layout to increase the efficiency of operations in all work areas,” said Schagrin. “Since the tenant has been in the exact location since the mid-fifties, this move was important to Hill York in continuing to serve its clients promptly. The location was a driving factor due to major highway accessibility, providing its vehicles quick response times to meet its client’s needs, whether a service call of with new construction jobs.” 

Built in 2019, the 28,177-square-foot Class A space boasts a state-of-the-art design with dock-high and drive-in loading, offices built-to-suit, 32’ clear ceiling height, and prime location with excellent transportation access via I-95, I-595, Florida’s Turnpike, I-75 and the Sawgrass Expressway. Adjacent east of the I-595 Business Center is the Fort Lauderdale-Hollywood International Airport and Port Everglades.

This transaction is a prime example of increased demand for quality, accessible, industrial space in South Florida. The Broward County industrial market displayed positive key indicators going into the year’s second half. The rental rate stabilized at $12.72 per square foot NNN in the third quarter, a significant 24.5 percent increase year-over-year. At the same time, absorption remained positive with 234,000 square feet absorbed in the third quarter, and 1.7 million square feet absorbed year-to-date. This is facing of 1.3 million square feet of new construction delivered in 2022. Although interest rates and inflation are rising across the country, the Broward County industrial market continues to attract tenants and investors alike. They have been keeping pace with the trend over the past five years.

 

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