10-Year Lease Kicks Off Construction of Miami 27 Business Park
MIAMI, Aug. 22, 2020 – Colliers International South Florida brokered a pre-lease agreement on behalf of Duke Realty with a distributor of technology products for 160,793 square feet of industrial space at its planned Miami 27 Business Park located at 10300 NW 121st Way in Miami.
The Colliers International team of Steven Wasserman and Erin Byers represented Duke Realty, the landlord, in the deal. David Behar of Behar Real Estate Group represented the tenant. The pre-lease will kick off construction of Miami 27 Business Park, which is slated for occupancy in the third quarter of 2021.
“This pre-lease is an example of the continuing need for industrial space in Miami-Dade County and how the county’s industrial market remains strong during these turbulent times,” said Steven Wasserman, Executive Managing Director – Industrial Services for Colliers International Florida. “This pre-lease will launch the construction of Miami 27 Business Park, providing the market with much needed first-class industrial space in a critical location.”
According to Colliers International’s second quarter industrial market report, Miami-Dade County’s industrial market is the most resilient sector in South Florida amid the Covid-19 pandemic. While vacancy rates increased to 5.3 percent in the quarter, the net absorption rate remained positive indicating growth and strong activity in the market. Miami-Dade County delivered more than 1.5 million square feet of highly sought after new industrial product in the second quarter of 2020.
Miami 27 Business Park is a master-planned logistics real estate park of approximately 723,000 square feet of new warehouse/distribution space in two class A buildings. The first building offers tenants 36-foot clear ceiling heights with LED lighting and ESFR fire protection system, with build-to-suit opportunities for the remainder of the site.
Miami 27 Business Park is strategically located along U.S. Route 27, two miles from both the Florida Turnpike and Palmetto Expressway and 3.3 miles from the Gratigny Expressway, which offers a direct route to the cargo entrance of Miami International Airport. The park will also have FEC rail access.