CBRE and IDI Sign South Florida’s Largest Industrial Deal This Year

Aug 28, 2012 1 Comment by

Miramar Centre Building A within IDI’s 70-acre industrial development, Miramar Centre Business Park, is nearing completion and slated to deliver 264,074 square feet of Class A industrial product to the Southwest Broward County submarket by December 2012.

IDI and CBRE announced today that 200,214 square feet in the building has been leased to AeroTurbine, a global aviation solutions provider, which is a wholly owned subsidiary of International Lease Finance Corporation (ILFC). This is the largest industrial lease in the South Florida market year to date and the largest industrial spec development lease to be completed in Broward County in the past five years.

AeroTurbine’s new location at Miramar Centre A, at 15701 SW 29th Street, will serve as the company’s corporate headquarters as they expand and relocate from their current location at 2323 NW 82nd Avenue in Miami. Outside the south Florida location, AeroTurbine has offices throughout the world including Singapore, the United Kingdom, and two other United States locations in Texas and Arizona. The company chose to expand in Florida after considering Dallas.

Michael King, AeroTurbine’s President and CEO said, “AeroTurbine is thrilled to be moving into Miramar and into this new state-of-the-art facility next year. This facility is ideal for our new headquarters location and will well serve AeroTurbine’s aggressive growth plans. We are also excited to be working with IDI, the City of Miramar and the Greater Fort Lauderdale Alliance as this project drives to completion and we thank them for their tremendous support.”

“AeroTurbine’s decision to expand in Florida validates the state’s success in maintaining a business climate that supports both manufacturing and headquarters operations, both of which are targeted areas for our economic growth initiatives,” said Gray Swoope, president & CEO of Enterprise Florida Inc., the state’s lead economic development organization. “This project, therefore, benefits Florida as well as Broward County, and we’re pleased to have a hand in helping AeroTurbine achieve its business goals.”

“Since 2008, we have witnessed greater activity from the national firms verses the smaller to mid-sized businesses,” said CBRE industrial specialist Harry Tangalakis.

“We are proud to welcome AeroTurbine to our city and commend the company for partnering with us as we work to sustain a strong economic base for our community,” said Miramar Mayor Lori C. Moseley.

AeroTurbine was recently approved for $300,000 from the state’s Qualified Targeted Industry (QTI) Tax Refund program—a performance-based incentive in which the refund is awarded after job requirements are met—with support from Broward County which provided 10 percent matching funds on the QTI, plus an additional $150,000 Job Growth incentive. The City of Miramar also provided a 10 percent match on the QTI, plus an additional $243,000 direct cash incentive. A training grant valued at $150,000 which is provided through Workforce Florida’s Incumbent Worker Training Program is also among the support for the project, bringing the total incentive package to $918,000. Incumbent Worker Training is a program that provides training to currently employed workers to keep Florida’s workforce competitive in a global economy and to retain existing businesses. The program is available to all Florida businesses that have been in operation for at least one year prior to application and require training for existing employees. The approval of the QTI Tax Refund Incentive package played a major role in AeroTurbine’s decision to remain in Florida.

“AeroTurbine has a long distinguished reputation in the aerospace and aviation industry and we thank them for bringing their business to Broward County,” said Broward County Mayor John E. Rodstrom, Jr. “Broward County continues its widespread effort to bring new companies to our area and we are pleased to welcome AeroTurbine to Miramar. AeroTurbine is quite the asset, as they have needs for a 200,000-square-foot facility, which will bring 75 new jobs to join their labor force of 175 people and a $30 million capital investment.”

“We are very happy that AeroTurbine chose to relocate to Miramar because of its central location and the availability of a first-class facility,” said J. David Armstrong, Jr., chairman of the Greater Fort Lauderdale Alliance and president of Broward College. “A special thank you goes to David Coddington, vice president of business development for the Greater Fort Lauderdale Alliance for his work on this project and congratulations to the company, CBRE and IDI.”

“We are thrilled to welcome AeroTurbine to Miramar Centre Business Park as they expand their presence in Florida,” said Larry Dinner, vice president of leasing for IDI’s Florida office. “Leasing and development activity at Miramar Centre signifies an increasing strength in the overall south Florida market. We trust that AeroTurbine will be pleased with the facility, and we look forward to exceeding their expectations for a corporate headquarters, warehouse and distribution facility.”

The new facility meets AeroTurbine’s specifications as a high-quality building with a central location for employees. Miramar Centre Business Park is positioned at the northwest corner of Interstate 75 and Miramar Parkway. AeroTurbine’s location in Building A will feature 32’ clear height ceilings, early suppression fast response (ESFR) sprinklers, 45,000 square feet of office space and an air-conditioned warehouse.

Construction on Miramar Centre Business Park Building A, which will be the largest facility in the business park when finished, began in the fourth quarter of 2011 and was the first new construction for IDI in south Florida since 2008. In accordance with IDI’s green building philosophy, Building A was designed to meet LEED Silver standards as determined by the U.S. Green Building Council. Upon completion, the park is projected to have 10 buildings over a million square feet of space. There are currently seven buildings totaling 600,000 square feet in the park where tenants include ZF Marine LLC, AT&T, Caremark and Propulsion Technologies. With AeroTurbine’s lease, 63,860 square feet remains available in Building A.

CBRE was hired by AeroTurbine to provide exclusive tenant representation services. Tangalakis, a Senior Vice President with CBRE in Fort Lauderdale, was joined by Senior Associate Tom O’Loughlin in representing AeroTurbine. Dinner represented IDI.

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Broward County Industrial / Flex, Industrial / Flex, Industry News, NA

One Response to “CBRE and IDI Sign South Florida’s Largest Industrial Deal This Year”

  1. PS Business Parks Purchases MICC Industrial Building | Commercial Industrial Association of South Florida says:

    […] The buyer was self-represented.  Nearly two years to the date, global aviation solutions provider AeroTurbine relocated from the building to a new 200,214-square-foot location at Miramar Centre A, located at 15701 SW 29th Street in Miramar.   Source:  CoStar Tagged: 2323 nw 82nd avenue, […]

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