JLL fully leases out FirstGate Logistics Center in South Florida

Margate, Florida, Sept. 5, 2023 – JLL announced today it has fully leased out FirstGate Logistics Center, a newly constructed, Class A industrial development on behalf of First Industrial Realty Trust, Inc. A leading producer of specialty materials has signed a lease to occupy the full 131,683 square-foot facility at the corner of Copans Road and Banks Road in Margate, a growing submarket in Broward County, Florida.

The JLL team of Executive Vice President Peter Sheridan, Vice President Yuri Quispe, and Associate Peter Johnston represented First Industrial, the owner and developer, in the lease negotiations. JLL’s Quispe also provided buyer representation to First Industrial when the firm acquired the 9.3-acre site in 2019. First Industrial is a leading owner, operator and developer of logistics real estate with a 69.4 million square-foot portfolio across the U.S.

“Broward County is South Florida's next big bet for industrial redevelopment and FirstGate Logistics Center will bring a positive economic impact to the City of Margate and surrounding community,” said JLL’s Yuri Quispe. “We are pleased to have leveraged our network of Brokers and Professionals to find  a blue-chip tenant who will be investing significant capital to personalize and improve the space, to serve as the facility’s sole tenant.” We give special thanks to Nick Wigoda and Steven Medwin from Newmark for creating value   representing the Tenant in this transaction.

FirstGate offers a non-shared truck court, 32' clear height, state-of-the-art warehouse and distribution facility with retail type frontage. Amenities at the property include impact glass, LED lighting, 185 passenger car parking spaces, and roof insulation with an R19 insulation factor, well above industry standards. The development’s convenient location provides unparalleled access to nearly 2 million residents within just 30 minutes, and multiple access points for quick access to Florida’s Turnpike, the Sawgrass Express Way and Interstate 95. The property also boasts neighborhood amenities including restaurants and grocery stores within nearby distance.

"We are very pleased with the development and leasing execution at our FirstGate Logistics Center project,” said Chris Willson, Executive Director for First Industrial. "Our high-quality facility with efficient access to South Florida’s major thoroughfares will help our tenant grow in the Florida market and beyond.”

According to JLL’s latest industrial insight report for Broward County, the industrial market continues to boom with robust activity. Vacancy rates declined from 4.0% to 3.7%, with average asking rental rates continuing to climb, pushing north of $13.30 triple net. The report also found that Class A product remains the most desirable asset for institutional users, while Broward County remains land constrained, further validating the need for continued development.