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With this deal, firm completes more than 625,000SF of deals at the Park on behalf of IndCor Properties
MIAMI, Aug. 29, 2013 – 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, Florida.
“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 17th 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.” About IndCor Properties, Inc.IndCor Properties, Inc. (IndCor) is one of the premier real estate companies in the United States focusing on the ownership and management of industrial properties. As a comprehensive real estate operator, IndCor currently owns and manages over 100 million square feet located in over 40 key logistics markets in 24 states. IndCor is headquartered in Chicago, Illinois. IndCor was formed in 2010 as a portfolio company of The Blackstone Group, one of the world’s largest alternative asset managers and advisory firms. To learn more, visit www.indcor.com.
About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
About LaserShip Inc.LaserShip is a parcel carrier facilitating last mile delivery to east coast markets for businesses that desire reduced transit times, greater flexibility, and the elimination of excess costs within their supply chain. Founded in 1986, LaserShip has evolved into a leading provider of regional same day and next day distribution services for premier e-commerce and product supply businesses. For more information, visit lasership.com.
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