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Summit Identifies South Florida Opportunity

Summit Real Estate Group is pleased to announce that it has closed on an existing warehouse building and an adjacent 23.2-acre industrial site north of Miami, FL in Broward County. Acquired on behalf of Summit’s Arrowrock US Industrial Fund IV, the acquisition and development project will be known as South Florida Distribution Center and include two buildings representing approximately 505,000 square feet.

South Florida is an international business powerhouse due to its strategic location, multicultural population, lack of state income tax, and quality transportation and communications infrastructure. The result has been strong population growth and greater numbers of companies choosing to relocate to the region. Significant geographic constraints including the Atlantic Ocean to the east, the Everglades to the west, and wetlands throughout have contributed to the region’s extreme lack of industrial supply. Rents for existing industrial product continue to climb in the region and net absorption is low due to minimal new supply coming online. Located in Broward County (the second most populous area in Florida), South Florida Distribution Center is easily accessible to Florida’s three primary north/south freeways – I-75 (8 minutes), Florida’s Turnpike (28 minutes), and I-95 (32 minutes). Once completed, the project will be uniquely positioned to serve north Miami and the growing businesses and households in the region.

South Florida Distribution Center seeks to attract area manufacturing, distribution, and industrial services companies. At 224,560 square feet, Building A is a Class A rear-load, multi-tenant warehouse with 32’ clear heights and a 125’ truck court. At approximately 280,000 square feet, the to-be-constructed Building C will be a Class A rear-load, multi-tenant warehouse with 36’ clear heights and a 180’ truck court with space available for trailer parking. Summit anticipates starting construction on Building C Q1 2024 and delivering the building Q4 2024.