Newmark Completes 39,043 SF Industrial Lease for BSI in South Florida
November 26, 2019
Newmark has announced a 39,043-square-foot headquarter industrial lease at Hillsboro Technology Center in Deerfield Beach, Florida for Best Security Industries (BSI), a privately held retail security company that provides both new and certified pre-owned Electronic Article Surveillance (EAS) technologies for businesses.
Located at 550 Hillsboro Technology Drive, the Class A industrial facility will serve as BSI’s new address after the company relocates from its Delray Beach location. The landlords, Bristol Group and Butters Realty & Management, coordinated with BSI on a unique office build-out that will allow the company to consolidate several offices into one facility.
Newmark’s Associate Director, Greg Milopoulos represented the tenant. Tom Hotz, JC Conte, Brian Ahearn from Butters Realty represented the landlord.
“This was a complex deal as the space needed to serve as a distribution facility, as well as a training center for the tenant’s new headquarters in Florida,” said Milopoulos. “We were thrilled to find a landlord that would be willing to accommodate BSI’s custom office design plan. Bristol Group had the flexibility and know-how to work with BSI’s requirements, and we were able finalize a lease that positions BSI for future growth and success.”
Totaling nearly 1 million square feet, Hillsboro Technology Center is a state-of-the-art business park in Broward County comprised of industrial, office and hotel space. Located at a four-way interchange on I-95, the park has set new standards with its contemporary design and sustainable features that include electric vehicle charging stations, tree preservation areas, solar street lights and water efficient landscape and irrigation.
According to Newmark Research, Broward County’s industrial market has seen the most consecutive quarterly demand growth in South Florida since 2010. Leasing activity has held steady from previous quarters as demand growth picked up during third quarter with over 450,000 square feet absorbed. With one of the nation’s lowest overall unemployment rates and demand continuing to outpace supply, Newmark expects average rents in South Florida to keep growing in the months ahead as new developments come online and will likely push the overall asking rate over the $10.00/SF mark. Over 1.4 million square feet of industrial product is currently under construction across the region as an additional 1.5 million square feet of new inventory has been delivered so far in 2019.
Newmark, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Source: Citybiz List