With the final phase of its Flagler Station commercial park well underway, Flagler Global Logistics has broken ground on a sprawling new industrial project four miles away called the Countyline Corporate Park.
Construction has begun on the first speculative 200,000-square-foot building of Countyline’s phase one, located at the corner of Northwest 107th Avenue and Northwest 170th Street.
Dan Marcus, executive vice president of the company’s development arm, told The Real Deal that his firm’s master plan for Countyline includes 8 million square feet of industrial space built out over Flagler’s 500 acres of land holdings. That’s about 2 million square feet smaller than the Flagler Station industrial park, which is expected to complete its last phase in February 2017.
The first phase will encompass 2.4 million square feet of Class A industrial space when it’s completed, which Flagler Global Logistics expects could take between 18 to 36 months. Depending on market conditions, the second phase would follow soon after. Marcus said rents for the first building are $6.84 per square foot.
Chris Sutton, vice president of Flagler Global Logistics, said the industrial market in Miami-Dade County is getting tighter, and spec builders are in a good position to take advantage of bigger distribution traffic from PortMiami and Port Everglades now that the newly widened Panama Canal is open for business.
According to a second quarter industrial report from brokerage CBRE, vacancies in Miami-Dade have fallen to 3.6 percent while asking rents are up to $8.61 per square foot.
“With the vacancy right now being less than 4 percent across the entire Miami-Dade, those are great conditions for industrial development,” Sutton said.
Source: The Real Deal