Miramar Park Of Commerce Inks 193,000 SF In Healthcare Tenant Expansions And Renewals

The healthcare hub in the Miramar Park of Commerce continues to grow with the recent signing of more than 90,500 sq. ft. in new flex office and warehouse leases by current high profile healthcare tenants, VITAS Healthcare, Aveva Drug Delivery Systems and Memorial Healthcare System. In the last two quarters, healthcare and biotech company expansions and renewals in the Park accounted for 192,734 sq. ft. of space. In total, healthcare-related tenants account for more than 1.1 million sq. ft. of leased space in the Park.

The newest flurry of leasing activity has reduced the Park’s flex office vacancy rate by six percentage points, to 4% overall. As a whole, the Park is 98% leased.

VITAS Healthcare, a leading provider of hospice care services in the U. S., has expanded its operations in the Miramar Park of Commerce, adding 24,487 sq. ft. of flex office space at 10981 Marks Way for general administrative offices and supporting hospice operations. VITAS also renewed an existing 9,255 sq. ft. lease at 3850 Executive Way, where the company maintains a warehouse and distribution center for home medical equipment.  A tenant in the Park since 1995, VITAS now occupies 120,000 sq. ft. of space there.

Aveva Drug Delivery Systems has also expanded in the Miramar Park of Commerce, adding 24,535 sq. ft. of warehouse space and 41,500 sq. ft. of flex office space at 3200 Commerce Parkway. The fully integrated developer and manufacturer of Transdermal Delivery Systems and Oral Dissolvable Films now occupies a total of 167,000 sq. ft. in the Park, where the company has been a tenant since 1994.

Memorial Healthcare System has renewed 73,567 sq. ft. of flex office space at 2900 Corporate Way, and 19,390 sq. ft. of flex office at 2954-2990 Executive Way. Memorial Healthcare System, one of the largest public healthcare systems in the U.S. and a national leader in quality care and patient, physician and employee satisfaction, has a strong presence in the Park, leasing more than 150,000 sq. ft. of space for administration, training, pharmaceutical, IT and pathology.

“We’re finding that healthcare companies are realizing the benefits of consolidating underutilized traditional office spaces into our flex office buildings that offer increased parking ratios, a lower price point and an easily accessible location all surrounded by prime amenities,” said Peter “PJ” Apol, Director of Leasing and Marketing for Sunbeam Properties & Development, developer of the Park. “We are pleased that we are able to accommodate the continual growth of these great healthcare companies in our park.”

Currently, Miramar Park of Commerce, South Florida’s largest locally owned and managed business Park, is home to more than 30 top healthcare companies, creating a healthcare hub that continues to strengthen the regional economy and business environment.

Apol and Ryan Goggins, Vice President of Sunbeam Properties & Development, represented the Park in the VITAS Healthcare, Aveva Drug Delivery Systems and Memorial Healthcare System transactions.