Deutz Signs On for Florida Industrial Space
- Apr 20, 2020
A Class A, 325,510-square-foot industrial park in West Palm Beach, Fla., has hit 100 percent occupancy with its latest lease. Deutz Corp., which supplies diesel and gas engines and large machinery parts, signed a five-year lease for 15,010 square feet within Turnpike Business Park. Cushman & Wakefield’s Alex VanDresser, Christopher Thomson, Chris Metzger, Rick Etner and Matthew McAllister negotiated the lease on behalf of the landlord, Cabot Properties, while Cornerstone Realty’s Devin Schmidt represented the new tenant.
Deutz will be moving into Building 4 of 475 N. Cleary Road. The 61,946-square-foot building was built in 2017 and features 24-foot clear height ceilings, six dock high doors, 52-foot column spacing and an ESFR sprinkler system. The property is located near Florida’s Turnpike and has access to the nearby Interstate 95. Deutz will be using its new space as a distribution center for its range of engines and other products.
The Atlanta-based Deutz’ latest lease is its first move into the South Florida market and has brought Turnpike Business Park to full occupancy. Deutz joins other industrial tenants including pest control company Terminix, moving and storage company PODS and craft storage company LaserCraft.
Robust Demand for Suburban Space
Thomson told Commercial Property Executive that the industrial markets of South Florida are all at or below three percent vacancy and that despite a recent dip, there was an increase in leasing activity over the last week.
Cushman & Wakefield’s Metzger, Etner and Thomson, who lead the South Florida industrial team, have also arranged similar leases in March. Most recently, the team also arranged a renewal of a 57,100-square-foot lease and a 6,000-square-foot expansion with HVAC company Trane for the same landlord, Cabot Properties, in West Palm Beach. Days prior, the Cushman & Wakefield team found Niagara Bottling, which signed a 114,536-square-foot lease in an industrial park in Jupiter, Fla., with landlord NHT Palm Beach LLC.