Southeast Real Estate Business

FEATURE ARTICLE, OCTOBER 2004

OFFICE & INDUSTRIAL PARKS UPDATE

Miami International Commerce Center

Miami International Commerce Center

This 3.3 million-square-foot industry park located at 1300-1382 N.W. 78th Ave. in Miami was essentially a “dog with fleas.” In spite of an incredible location a wide range of amenities, such as hotels, restaurants, dry cleaning, gas stations and salons located in the park, coupled with the large need and desire for flexible industry space, tenants were fleeing. Cries of poor management and marketing while not addressing the needs of the clients caused a huge drop in lease activity.

In January 2004, Miami International Commerce Center (MICC) was sold for $205 million to PS Business Parks, a California real estate investment trust. Seller Heitman Real Estate Investment Management received more than 20 offers for the 53-building complex in Miami-Dade’s Airport West area; the center had close to a 25 percent percent vacancy rate.

PS Business Parks hired Cushman & Wakefield for tenant representation for deals of 8,800 square feet or more, and brought in new internal brokers for smaller deals and day-to-day operations.

Since January, more than 1 million square feet has been leased at MICC. Recent leases include 73,600 square feet to Anderson News Services of Tennessee and 64,800 square feet to Resource Warehouse of New York City. For Anderson News Services, this was a relocation from its prior Airport/West location. Resource Warehouse consolidated and expanded three previous locations within MICC to occupy its new space.

International Business Park

International Business Park

Located in Concord, N.C., just north of Charlotte, International Business Park is a 520-acre property divided into three developmental phases: industrial/manufacturing and warehouse/distribution in Phase I; warehouse/distribution, flex space, and office for medical and professional services in Phase II; and a mixed-used phase including a combination of retail, hotel and restaurants in Phase III. All phases of the park currently are under development.
Owens Corning, Minka, DNP IMS America Corp., Sysco Food Service of Charlotte Inc., Pass & Seymour/Legrand, FedEx, Oiles America Corp., and Concord Engineering and Surveying Inc. operate in the park.
The developer and owner is the Nolim Group. While multiple construction companies are involved, CM Black Construction Co. has been active in the park. The company recently completed a 74,000-square-foot flex building. CB Richard Ellis is handling sales.
Currently, more than 300 acres are available throughout the entire park while a 74,000-square-foot flex building is available for leasing and custom up-fitting. Completion of the entire park with full occupancy is estimated for 2010.

Georgia Distribution Center

Southeast Investment Properties has completed development of Building 100 at Georgia Distribution Center in Braselton, Ga. The 505,163-square-foot bulk warehouse facility can subdivide or expand up to 1.2 million square feet. Jack Haden and Mike Chambers of NAI/Brannen Goddard are handling leasing of the property, which is located at 633 Braselton Pkwy. in Atlanta’s Northeast/Interstate 85 submarket.

©2004 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.



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