Construction Begins on Possibly Last Spec Warehouse Project in Miramar
MIRAMAR, FL—The developer of the highly successful The Miramar Park of Commerce reports it has begun construction on the last speculative warehouse development at the property and what it believes could be perhaps the last spec warehouse project in all of Southwest Broward County for some time.
Sunbeam Properties says work has begun on the first of two phases of the MPC-29 project, which will consist of 225,443 square feet. The first building, MPC-29A, is expected to be completed in the fourth quarter of this year and is being marketed by Vivo Real Estate Group.
MPC-29 offers modern warehouse spaces as small as +13,000 square feet. The buildings are 32-foot clear with ESFR fire sprinkler systems, have a 172-foot deep truck court, 60-foot deep speed bays, and clerestory windows that allow for natural light and parking in excess of code.
While Sunbeam officials note that no leases have been signed to date for MPC-29, the predecessor building MPC-28, which was completed last year, is fully leased to three companies. The Miramar Park of Commerce consists of more than 5 million square feet of warehouse, flex and office space and is currently 99% leased.
Despite its near full occupancy, Andrew Ansin, vice president of Sunbeam Properties, says, “Rent, land values and construction costs have combined in a manner that precludes speculative warehouse construction beyond MPC-29 at the Miramar Park of Commerce.”Continue Reading