JLL Completes 58,000 SF Industrial Lease

As South Florida’s industrial market continues to strengthen, Jones Lang LaSalle (JLL) closes a lease transaction for 58,000 square feet with LaserShip, Inc., a delivery service provider, that marks their ninth deal completed in the past 12 months at International Corporate Park in Doral.
“LaserShip, Inc., a parcel carrier facilitating last mile delivery to east coast markets, is the latest tenant to see the benefits of having a presence in a Class A corporate park centrally located in one of Miami’s hottest submarkets,” said JLL’s Managing Director Steven Medwin. “We were able to fill the space in record time, as tenant demand for this type of warehousing product is strong in Doral.”
JLL’s Managing Director Steven Medwin SIOR, CCIM, and Nick Wigoda, Vice President, have completed more than 625,000 square feet of transactions, including new leases, renewals and expansions, over the past year at the eight-building portfolio at 9905 NW 17^th Street owned by IndCor Properties for a combined value in excess of $30 million. Other notable transactions the team has recently completed on behalf of the landlord at the park are: a 178,000-square-foot renewal with Yusen Logistics Americas, a 150,000-square-foot deal with SeaFreight Agencies, and a 64,000-square-foot lease renewal with Elite Flowers.
The space, formerly occupied by Schenker Logistics, was leased in just two months, with LaserShip, Inc. set to move into the space in September. LaserShip was represented by Kamil Pharaony of The Katsikos Group in the transaction.
International Corporate Park sits in Miami-Dade’s Airport West/Doral submarket, one of the top industrial hubs in South Florida with millions of square feet of class A warehouse space and numerous business parks. Today, the Airport West area has a total vacancy rate of 7.3 percent, the second lowest of any industrial submarket in Miami-Dade, according to JLL’s second quarter Miami-Dade Industrial Statistics Report.
Other companies located at the corporate park include Expeditors International and Global Perishable Solutions, which combined leased a total of 92,000 square feet in the past year.
“We are pleased to welcome LaserShip to our South Florida portfolio after accommodating their expansion in Orlando. We are focused on growing our relationships with quality tenants like LaserShip throughout our national portfolio,” said Amy Curry, Senior Vice President/Asset Manager for IndCor Properties, which owns and manages a portfolio of approximately 7.1 million square feet of industrial real estate in Florida. “The success we have had with our portfolio at International Corporate Park is a testament to our commitment to provide exceptional service to our tenants.”