342,750 S.F. Commercial Lease Signed at Lincoln Logistics Park, Largest Industrial Transaction in South Florida in Two Years

Commercial News » Commercial Real Estate Edition | By Michael Gerrity | September 30, 2010 12:10 PM ET

(MIAMI, FL) -- Jones Lang LaSalle's new Miami-based industrial brokerage team has completed the largest industrial warehouse lease in South Florida in more than two years.

The team comprised of Executive Vice Presidents Steven J. Medwin, SIOR, CCIM and Harry E. Wardell, SIOR and Vice President Nick Wigoda represented the landlord Morgan Stanley Real Estate in the 342,750- square-foot, long-term lease to Bel Inc. at Lincoln Logistics Park located at 12610 NW 115th Avenue, Medley, FL.

Despite the challenging economic environment and historically high vacancy rates in the South Florida industrial market, during the past 15 months the trio completed six leases at Lincoln Logistics Park totaling 650,000 square feet and valued at nearly $40 million. The latest lease brings occupancy at the Park to 97 percent.

"Promotions firm Bel, Inc. which employs nearly 500 people, is consolidating its three current Miami facilities to the new state-of the-art Building 200," said Jones Lang LaSalle's Steve Medwin.  "The building offers Bel a great location facing the Florida Turnpike Extension and modern new space boasting 32' clear ceiling heights."

The 342,750-square-foot warehouse is one of three buildings in the 670,000-square-foot Lincoln Logistics Park.

Another new tenant at the park is hydroponics equipment distributor, Hydrofarm, Inc. which signed a 34,740- square-foot lease at Building 100.  The firm, which is expanding from nearby Flagler Station, will take occupancy during the first quarter of 2011.

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