Transwestern’s South Florida industrial team announced it facilitated a new, long-term lease with RTA Products LLC for 93,700 square feet at Seneca Industrial Park, an 885,000-square-foot, Class A distribution and warehouse park.
Transwestern Senior Vice President Thomas Kresse represented the park’s owner in the transaction at 2500 SW 32nd Ave. in Pembroke Park, Florida.
RTA Products, a leading e-commerce drop ship distribution company, is moving from the Southwest Broward to the Southeast Broward submarket, one of the most active in Broward County. Seneca Industrial Park’s location directly north of the Miami-Dade/Broward county line, just blocks west of Interstate 95, accommodates RTA Products’ growth and expansion plans and fulfills a need for a geographic location that ensures ease of access to distribution channels and consumers.
“We continue to see strong demand from tenants in South Florida that want to be closer to the east side of town near the I-95 corridor,” said Kresse. “This demand has resulted in eight straight quarters of positive absorption and six consecutive quarters of vacancy rates below 7.0 percent, and we expect these trends to continue in the near-term.”
Driving this demand is the continued upswing of business growth within Broward County; with its February 2016 unemployment numbers (4.4 percent) again beating the state (4.7 percent) and country’s (5.2 percent) averages. In line with the strengthening of the market, Transwestern’s South Florida industrial team, including Kresse, Walter Byrd, Ben Eisenberg, and Carlos Gaviria, has completed 400,000 square feet of new leases and renewals since being awarded the Seneca Industrial Park assignment in January 2015, including a lease for 93,700 square feet with Coca-Cola.
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