The first warehouse is nearing completion at a planned 1.3 million-square-foot industrial park rising northwest of Miami that is expected to fill a growing demand in one of the hottest industrial markets in the country.
Codina Partners and USAA Real Estate expect to finish the 147,768-square-foot warehouse at Beacon Logistics Park in December, according to Sebastian Juncadella, commercial real estate specialist for Fairchild Partners, which is handling leasing at the center. No leases have been signed for Building F at 4120 W 91st Place in Hialeah, Florida, though available spaces in that first building are divisible to 17,280 square feet.
Six buildings are planned at the park near the Florida Turnpike, the Palmetto Expressway and Interstate 75.
Total buildout of the park is expected over four to five years, Juncadella wrote in an email.
More companies are seeking distribution space in Miami-Dade County to fulfill next-day and same-day delivery service for online shoppers. Industrial vacancies in the region have steadily declined to 4.2%, hovering near all-time lows since late 2015, and are projected to stay below the national average, according to CoStar Market Analytics.
“Miami is well positioned to maintain healthy industrial fundamentals given the market’s global connections, strong population growth and the Panama Canal expansion,” the report noted.
RLC Architects is the architect for the project, and Rycon Construction is the general contractor.
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