Freight Carrier Inks 134K-SF Industrial Lease in Weston
By Jeff Ostrowski May 11, 2023 2:39 pm
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A logistics company has leased 134,400 square feet at Weston Commerce Park in the Fort Lauderdale suburb of Weston, Cushman & Wakefield (CWK) announced Thursday.
Specialized Freight Carriers, a third-party logistics carrier, signed a lease for the entire building at 1951 North Commerce Parkway. The tenant provides less-than-truckload services to shippers in Florida and the Northeast.
Chris Metzger of Cushman & Wakefield’s South Florida industrial team led the negotiations and represented the landlord, EastGroup Properties. The tenant was represented by Synergy Industrial.
“The Weston industrial market is very desirable, with quick access to Interstate 75, executive housing, and a large labor base,” Metzger said in a statement.
Weston Commerce Park is within a 90-minute drive of 6.5 million people. The Class A property about 17 miles west of Downtown Fort Lauderdale includes 30-foot ceilings and both dock-height and drive-in loading.
While Broward County’s industrial market has cooled somewhat, rental rates are still rising. Asking rates for industrial properties in the Fort Lauderdale submarket increased by 1.3 percent year-over-year to $14.88 per square foot in the first quarter of 2023, according to a new report by Avison Young.
While that’s the slowest growth the market has experienced since the coronavirus pandemic, the direct vacancy rate remains just 3.5 percent, the brokerage said in its first-quarter market report.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
