Avison Young completes two industrial leases in Broward County within 10 days

April 2, 2019

Avison Young negotiates two industrial lease transactions in Broward County, completes total value of $25M in South Florida industrial leases in 1Q 2019

Tom Viscount continues robust momentum since recently joining Avison Young

 

Fort Lauderdale, Fla. — Avison Young negotiated two industrial lease transactions totaling 89,520 square feet in South Florida’s Broward County market. On behalf of the tenants, Avison Young Principal Tom Viscount completed the following deals just 10 days apart.
 

  • Sonny’s Enterprises signed a 66,270-square-foot, long-term lease – which includes a 10,000-square-foot renewal – at Westpoint Distribution Center at 5607 Hiatus Road in Tamarac, Florida. The transaction represents an expansion for the international manufacturer and marketer of conveyorized carwash equipment, parts, and supplies, which also occupies 102,000 square feet at the neighboring 5605 Hiatus Road building.
     
  • MRC Express, Inc. (doing business as Alpha Logistics) signed a new 23,250-square-foot, long-term lease at Seneca Industrial Park at 2751 Commerce Center Way in Pembroke Pines, Florida. The transaction represents a relocation within Broward County for the distribution, warehousing, and comprehensive management service provider from its current space in Pompano Beach, Florida.

 

The transactions come on the heels of the 184,718 square feet of leases Viscount secured on behalf of landlord Principal Life Insurance Company at Dolphin Commerce Center in Miami. Since the beginning of 2019, Viscount has completed approximately 300,000 square feet of industrial leases throughout South Florida valued at more than $25 million.

“During most of 2018, there was both volatility and uncertainty in the financial markets, which has now become more predictable,” said Viscount. “This voluminous activity at year-end 2018 and in first quarter 2019 is indicative of companies’ long-term view and confidence in South Florida’s growing marketplace.”

At the close of 2018, research by Avison Young showed Broward County’s total industrial vacancy at 2.98 percent and 2.6 million square feet of net absorption for the year. Small to medium-sized tenants continue to lead leasing activity.

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