IDI Logistics has broken ground on Building E, a 225,580-square-foot flex/industrial facility in Davie, Fla. Excel Construction is working with the company to develop the speculative property in the Davie Business Center.
The property is within 2 miles of Florida’s Turnpike and of Interstate 595, which connects to the Fort Lauderdale International Airport, some 8 miles away, and to Port Everglades, equally close. Downtown Miami is roughly 24 miles away.
Building E will occupy a 15.7-acre parcel at 3360 Davie Road, offering 32-foot clear heights, 299 parking spaces, 65 docks and two 14-feet-high drive-in doors. Excel Construction helped deliver another five buildings in the Davie industrial park, with buildings C and D completed in 2018.
The CBRE team in charge of leasing the latest property includes Senior Vice President Larry Dinner, Executive Vice President Tom O’Loughlin and Senior Vice President Larry Genet.
Current Davie Business Center tenants include Kellstrom Aerospace, Vortex Aviation, Aviall, Western Union, Encore and Jarlin Cabinetry.
South Florida’s strong footing
The South Florida industrial market had a strong first half of 2021. Supply fell short of demand by 106,000 square feet in the first six months of the year, while the area recorded its highest quarterly performance in 11 years in the second quarter, according to a recent Newmark report. Of the 4.3 million square feet absorbed in the first half of 2021, 3.9 million came from warehouse and distribution centers, the same report shows.
Meanwhile, rent growth across metro Miami mirrored nationwide trends, with the rate up 4.4 percent year-over-year through May, on par with the U.S. figure, CommercialEdge data shows.