The retail sector’s reliance on Internet shoppers is generating substantial demand for industrial space in South Florida.
Retailers are reducing the size of their physical stores and trying to find large warehouses to hold product that is shipped to online buyers. That is leading to more speculative industrial development in the region, Daily Business Review reported. For example, Coral Gables-based Mainstream Investments Realty and Atlanta-based Robinson Weeks Partners are partnering on an $11 million warehouse in Pompano Beach.
Mainstream president Jeremy Shapiro told the Review the partnership is in talks with potential tenants about occupying the entire 128,400-square-foot facility at 4000 North Dixie Highway. Construction is expected to start by the end of March, with completion slated for October.
One year earlier, Mainstream and Weeks teamed up on a $16 million development about a block away from the current project. Restoration Hardware signed a lease to occupy half of the more than 200,000-square-foot facility. [Daily Business Review] — Eric Kalis