Pan American North Business Park in Medley
A joint venture between Lincoln Property Company Southeast and Crow Holding Capital Partners picked up seven acres within the Pan American North Business Park.
The Medley site, which the joint venture acquired from Abisinia Enterprises Inc. for an undisclosed amount, is expected to developed for storage, distribution or light manufacturing, according to GlobeSt.com. The partnership plans to develop a front-load, shallow-bay industrial building. The property is expected to begin leasing in the spring of 2015.
According to numbers reported to GlobeSt.com by Comreal, the industrial vacancy rate in Miami is now below 6 percent. [GlobeSt] - Kerry Barger