The Miami office of Lincoln Property Company Southeast (Lincoln), in a joint venture with a real estate fund advised by Crow Holdings Capital Partners, has purchased nearly seven acres in the Medley submarket of the city to develop a Class A, 136,500-square-foot industrial facility.
The joint venture purchased 6.97 acres in the Pan American North Business Park from Abisinia Enterprises Inc. for an undisclosed price. The site features approximately 350 feet of frontage along the Florida Turnpike, located just south of the Okeechobee Road exit.
Completion of the front-load, shallow-bay industrial building is slated for spring 2015. The building will feature a 32-foot clear ceiling height; 120-feet, all-concrete truck courts; an ESFR fire sprinkler system; and 52-foot by 45-foot column spacing with a 50-foot staging area. The facility, which will be ideal for storage, distribution or light manufacturing use, also will include T5 energy-efficient lighting, heavy electrical power, drive-in ramps and four dock doors per bay.
Americas Industrial Realty Corp. will lease the building.
“Miami’s industrial market has improved steadily in recent years, and with the economy growing ever stronger, vacancies should continue to drop while rents climb,” said Roy Paskow, senior vice president of Lincoln who oversees the Miami office. “Given the health of the market, we are very confident that this development will lease quickly and deliver healthy returns.”