2020 Industrial Market Report BROWARD Q2 2020

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2020 Market Data Report BROWARD COUNTY INDUSTRIAL

Market experts

TABLE OF CONTENTS

Chris Metzger, SIOR Executive Director +1 954 938 2608 chris.metzger@cushwake.com Cushman & Wakefield Tenure: 35 years

Rick Etner, SIOR Executive Director +1 954 938 2607 rick.etner@cushwake.com Cushman & Wakefield Tenure: 30 years

AT THE CENTEROF WHAT’S NEXT

DRIVERS 5

Christopher Thomson, SIOR Executive Director +1 561 227 2020 christopher.thomson@cushwake.com Cushman & Wakefield Tenure: 20 years

KEY INDUSTRIAL

Matthew McAllister Director +1 561 227 2018

BROWARD COUNTY MARKET OVERVIEW 9

matthew.mcallister@cushwake.com Cushman & Wakefield Tenure: 5 years Industry Experience: 14 years

Merritt Etner Senior Associate +1 954 377 0480 merritt.etner@cushwake.com Cushman & Wakefield Tenure: 5 years

HISTORICAL ABSORPTION 12 INDUSTRIAL DEVELOPMENT 16

Alex VanDresser Associate +1 561 227 2067 alex.vandresser@cushwake.com

Team support

Julie Miller Senior Brokerage Coordinator +1 954 377 0461 julie.miller@cushwake.com Cushman & Wakefield Tenure: 7 years Industry Experience: 19 years

SALES 20 LAND SALES 22

BUILDING

Uilani Kauhi Brokerage Coordinator +1 954 377 0484 uilani.kauhi@cushwake.com Cushman & Wakefield Tenure: 20 years

2 | BROWARD COUNTY

INDUSTRIAL MARKET REPORT | 3

2019 KEY INDUSTRIAL DRIVERS

ECONOMICS Broward County continued to see solid job growth numbers through the end of 2019, expansion by existing tenants and attract new tenants to the market.

eCOMMERCE Expectations are high that additional sites will be taken down by eCommerce companies looking for “Last Touch” facilities close to end customers.

QUALITY Demand by tenants for larger bay options and efficient options provides incentives for new construction.

LAND Available land in Broward is scarce, but when it does come on the market, sales are closed in short order.

INVESTOR ACTIVITY in industrial product in Broward County reached an all-time high in 2019 with 80 buildings sold for over 8.6 msf, a 151.6% increase YOY. Warehouse/distribution product accounted for 83% of all sales or approximately 7.1 msf.”

DEMAND Tenants absorbed +/-414,000 SF in total throughout 2019.

CAP RATES Cap rates have increased slightly in 2019 from historic lows recorded in 2018 on significant increases in new construction.

4 | BROWARD COUNTY

INDUSTRIAL MARKET REPORT | 5

Q2 2020 CUSHMAN & WAKEFIELD MARKETBEAT The arrival of the COVID-19 pandemic has created an economic shock that has likely pushed the global economy and the U.S. into recession. Policies initiated to “flatten the curve” of potential infection include the voluntary and mandated shutdown of large sectors and regions of the economy. Retail establishments, restaurants, passenger transportation, schools and leisure activities have almost all grinded to a halt while customers self-quarantine and practice social distancing. Economy

BROWARD COUNTY MARKET OVERVIEW recorded the most leasing activity in the quarter with almost 450,000 square feet (sf). Amazon continued to expand its footprint in South Florida as it signed for the largest second quarter lease at over 250,000 sf in the Pompano Beach submarket.

Market Demand Broward recorded over 1.5 msf of new leasing activity YTD, with nearly half of it occurring in the second quarter. The five-year average for new leasing activity in the first six months was nearly 1.9 msf showing a 19.4% decrease in 2020. Warehouse/distribution space recorded the bulk of the activity accounting for 85% of the total in the second quarter. The North Broward market

Market Supply The first half of 2020 ended with an overall vacancy of 6.2%, a 270-bps increase over the year. Warehouse/distribution jumped 340 bps from twelve months prior to 7.3%. Office Service/ Flex vacancy increased by 1.9% bps to 4.0% year-over-year (YOY). Over 687,000 square feet of speculative space delivered YTD, of which approximately 9% was preleased. All deliveries added to warehouse/distribution inventory. Over 3.3 million square feet (msf) remained under construction with many deliveries set for the second half of 2020. Market Pricing As space options increased due to deliveries, triple net asking rates dropped minimally over the year by 1.0% to $9.91 per square foot (psf). Warehouse/distribution product contributed to the fall in rents with a 2.8% decrease YOY to $9.35 psf. Increased vacancy in warehouse/distribution due to project completions was the main reason for limited rent adjustments in the second quarter as new availabilities were priced at market. The Pembroke Pines/Miramar/Weston submarket did show a substantial rise in asking rents to $13.06 psf, a 25.8% increase YOY.

Broward County, including Ft. Lauderdale, had an unemployment rate of 16.0% in May 2020, up 110 basis points (bps) from the previous month and 1,300 bps higher than one year ago. Nonagricultural employment was 767,000, a decrease of 97,700 jobs, or 11.3%, over the year. Every major employment sector forfeited jobs over the year with just under half of the losses coming from the Leisure & Hospitality sector, at 45,500 jobs gone. Construction lost 2,200 jobs over the year. The COVID-19 pandemic struck the U.S. in March 2020, late in the quarter but with enough time to have a significant impact on first quarter market fundamentals. In the second quarter of 2020, the U.S. economy felt its effects more fully, as government-mandated shutdowns along with shelter-in-place ordinances pushed the country deeper into recession. The situation remains very fluid. To view our latest perspective on the coronavirus and its potential impact on CRE and the economy, access Cushman & Wakefield’s COVID-19 resource page.

6 | BROWARD COUNTY

INDUSTRIAL MARKET REPORT | 7

BROWARD COUNTY MARKET OVERVIEW

Port Everglades’ total value of economic activity at Port Everglades is nearly $34 billion . And, 231,579 Florida jobs are impacted by the Port, including 13,127 people who work for companies that provide direct services to the port.

Port Everglades Long recognized as the world’s second busiest cruise port, Port Everglades has rapidly established itself as one of the world’s premier cargo ports. It is a leading container port in Florida and among the most active cargo ports in the United States. And, Port Everglades is South Florida’s main seaport for receiving petroleum products including, gasoline and jet fuel. A foreign-trade zone and available office space inside the Port’s secure area make Port Everglades a highly desirable business center for world trade and the perfect hub and the point of entry for companies that conduct business in Central and South America, the Caribbean, Europe, and now, even the Far East. The Port Everglades Department is a self-supporting Enterprise Fund of Broward County government. It does not rely on local tax dollars for operations or capital improvements. The port is part of a thriving global transportation network that counts among its attributes: • A favorable location less that one mile from the Atlantic Shipping Lane • Direct access to multi-modal inland links through Florida’s interstate and highway systems • An FEC rail hub within two miles • A thriving international airport (FLL) within one mile • The Port’s location makes it extremely attractive for imports and exports – more than $18 billion annually Serving more than 150 ports and 70 countries, Port Everglades is the nation’s deepest commercial port south of Norfolk, Virginia. Fort Lauderdale/Hollywood International Airport Over 741 international and domestic flights arrive and depart daily at the Fort Lauderdale/Hollywood International Airport (FLL). It is one of the nation’s fastest-growing airports and offers nonstop service to more than 125 U.S. cities and flights to Canada, Bahamas, the Caribbean, Mexico, Latin America, and Europe. There are also 100 private flights. Each day over 73,000 travelers pass through the four terminals at FLL. Airports Council International data listed FLL as the fourth fastest- growing airport, with total traffic up 9.4 percent (behind Seattle, Washington Reagan, and Chicago O’Hare, respectively). Domestic traffic was up close to 7.3 percent and international traffic increased by 18 percent. The airport is conveniently located three miles from downtown Fort Lauderdale with easy access to I-95, I-595 and Port Everglades.

3,870,342 CRUISE PASSENGERS

1,108,465 CARGO TEU

$34B ECONOMIC IMPACT

231,579 JOB

Source: Porteverglades.net 2018 statisitics

2020 started out as predicted, in a big way. Low vacancy, strong rents, strong demand across the industrial spectrum. Then Covid. Interestingly while yet the overall demand slowed in some industrial categories others skyrocketed. South Florida remains a focal point for institutional investors and developers. Developable land is still scarce, vacancy still low, and while there may be a slight downward adjustment To the rental rates, all indicators still point to a fairly strong finish in 2020. Even the housing market has remained strong with low inventory and the lowest interest rates we have ever seen. This demand continues to fuel the industrial sector. Once past the Covid crisis the outlook for South Florida Industrial looks even more promising than last year. - Rick Etner

8 | BROWARD COUNTY

INDUSTRIAL MARKET REPORT | 9

Broward County’s Fort Lauderdale- Hollywood International Airport (FLL) is one of the fastest-growing airports in the U.S. In 2019 passenger traffic, FLL ranked 19th in the U.S.

35.9M DOMESTIC & INTERNATIONAL PASSENGERS

15,000 IN-AIRPORT JOBS

125,000 JOBS THROUGH ANCILLARY SERVICES

312,763 AIRCRAFT OPERATIONS

108,462 CARGO TONS

$13.2B ECONOMIC IMPACT

• In 2018, FLL carried more international passengers than LaGuardia, Baltimore, San Diego, Tampa, • Phoenix, and Washington National…combined • FLL has had 5 consecutive years of double digit growth in international traffic • In 2018, international traffic was 24% of total traffic compared to 19% in 2014 • Passenger traffic has increased by over 12M passengers since 2013, up 53% • Lowest average domestic base fare for 2018 among large hub airports

The Industrial market was stagnant for March and April. Covid 19 caused many companies to hit the pause button on their expansion needs. Toward the end of May, prospects started peeking out from under their blanket. In June, we started to see a good pick up in property showings, request for proposals, and lease negotiations. We feel the pent demand for space will explode once we get past the initial fear of the virus and the economy fully opens back up. - Chris Metzger

Source: broward.org

10 | BROWARD COUNTY

INDUSTRIAL MARKET REPORT | 11

HISTORICAL ABSORPTION

VACANCY & RATES • The Broward Industrial direct vacancy rate for the first quarter of 2020 was 5.0%, an increase of 210 bps over the year • Direct net asking rental rates for all industrial types lowered 2.9% YOY to $9.83 per square foot (psf).

HISTORICAL ABSORPTION PAST 5 YEARS • Industrial historical direct net absorption from 2010 to 1Q20 in Broward County reaches over 8 msf • YTD overall net absorption totals 84,942 sf

ENE OF YEAR TOTAL NET SF ABSORBED 2010 525,534 SF

2011

-403,469 SF

Manufacturing 11,726,275

2012

747 613 SF

2013

1,360,970 SF

2014

902,895 SF

Office Services 12,462,679

2015

Warehouse/ Distribution 68,731,013

1,225,776 SF

2016

1,599,776 SF

2017

1,323,705 SF

2018

246,562 SF

2019

439,292 SF

1Q 2020

84,942

12 | BROWARD COUNTY

INDUSTRIAL MARKET REPORT | 13

LAND USE MAP

SPECULATIVE DEVELOPMENT SNAPSHOT

PC15-6

1.4

Palm Beach County

PC18-8

7.4

5.5

HILLSBOROBLVD

JOHNSONRD

11.3

T R

HOLMBERGRD

R Y

MI L I T

SE10THST

SW10TH S T

SAWGRASSEXPY

5.21

4.5

4.2

GED R

7.5

E VA H T 9 W N

8 7

ALRI D

NE 48THST

NW 48THST

C O

BROWARD COUNTY LAND USE PLAN Adopted: June 4, 2019 LEGEND

WILESRD

A ND RD

POWERLINERD

3.81

E VA D R 3 E N

I S L

SAMPLERD

ROC

4.52

ROMILE

LSB O

HI L

35.9

DIXIEHWY

COPANSRD

WAREHOUSE & DISTRIBUTION 6 MILLION TOTAL SF DELIVERED SINCE 2015

UNDER CONSTRUCTION 2.6 MILLION TOTAL SF TO BE DELIVERED THROUGH 2020

FEDERALHWY

I95

NE 23RDST

ROYALPALMB L V

B N K

5.77

UNI V ERSITY

7.74

NE 14THST

11.3

G S

Activity Center

Palm Beach County Rural Residential-10

R I

8.7

MARTINLUTHERKINGBLVD

COCONUTCREEKPKY

SRA1A

R AMBLE

4.2

Rural Ranches Rural Estates Estate (1) Residential

Commerce Agricultural Conservation - Natural Reservations Conservation - Reserve Water SupplyAreas Recreation and Open Space Commercial Recreation Community

OOD

NE10THST

L Y ONS R D

SR7

CORALSP

5.04

AVE

7.6

ATLANTICBLVD

V ERSIDE

D R

NW31ST

ATLANTICBLVD

Low (2) Residential Low (3) Residential Low (5) Residential Low-Medium (10) Residential Medium (16) Residential Medium-High (25) Residential High (50) Residential

SOUTHGATEBLVD

SW 3RDST

ILLR D

KIMBERLYBLV D

CYPRESSRD

POMPANOPKY

AVE

E VA T S 1 8 W S

W1 2

7 R S

MCNAB RD

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Electrical Generation Facilities Tribal Lands Mining Transportation Water 2 2 2 2 2

MCNABRD

S AVE

N E62NDST

N R E

NW 62NDST

BAILEYRD

E VA H T 8 1 E N

NW9TH A VE

FEDERALHWY

NE56THST

PROSPECTRD

Irregular Residential Dashed-Line Area

0.0

COMMERCIALBLVD

13.33

0.0

COMMERCIALBLVD

NW50TH

DIXI H E Y W

E VA T S 1 3 W N

NE 45THST

PROSPECTRD

PC19-2

E VA H T 6 E N

ROC K I SLANDRD

NW 44THST

1.7

19.2

WAY

IN V

E VA T S 1 2 W N

R ARYBLVD

12 14.6

H I

NW120T

OAKLANDPARKBLVD

12.5

UNIVERSITYDR

NE 26THST

1 3 6

ONDR

AV E

W I

2.5

SUNSETSTRIP

N W 19THST

PC06-27

9 17.3

NE15T

A VE

E VA H T 4 E N

2.94

7 R S

SUNRISEBLVD

VIEW D R

D R D

NW 13THST

FLAMINGORD

PROPOSED 3.3 MILLION TOTAL SF PROPOSED AND PLANNED TO BE DELIVERED AFTER 2019

BA Y

NW56THAVE

NW23RD

I S L

SUNRISE BLVD

I75

NOBHILLRD

I N

E VA H T 7 2 W N

CLEAR

Y BL

E VA H T 7 W N

E VA D R 3 E N

6.25

NW 6THST

HIATUSRD

NW 5THST

LADESP K

FEDERALHWY

28.44

BROWARDBLVD

LASOLASBLVD

UN I V E RSITYD R

E VA T S 1 3 W S

CL UBRD

D D L E

US27

E VA H T 6 3 1 W S

SW4THAVE

E VA D R 3 E S

LVD

EZE B

R D

8.5

DAVIEBLVD

20.1

B R E

PETERSRD

A NTR C

12.6

Y A

SE17THST

HIATUS

SW 14THST

A L MB L

E VA H T 9 W S

ANDREWSAVE

6.38

EISENHO W E B R LVD

SR84

SE 24THST

SR84

RIVERLANDR D

1.83

Atlantic Ocean

NOVADR

D R O G NI M AL F

R E B LVD

SW154THAVE

I595

W E

FEDERALHWY

T U

SW 30THST

3.6

ELLERDR

S TONRD

DAVIERD

NAV E N

RAVE

COLLEGEAVE

3.5

B O

N SWO O DR D

30T H A V E

SR7

SW 39THST

SOUTHPOSTRD

SW 42NDST

S W

11.8

PERIMETERRD

SW 45THST

GRIFFINRD

E VA S R E L G N A

DANIABEACHBLVD

13.5

SW160THAV E

23.74

0 T0 HAVE

SW 1

STIRLINGRD

LAN D

SW172NDAVE

D R S U TAI H

3.663

EI S

2.85

3.8

AVIE R OAD

P I N

3.3

SHERIDANST

E VA H T6 5 N

E VA M L AP

Post-covid19 the industrial market remains a strong hold in the South Florida market. With the shifting in consumer spending, we are seeing 3PLs, large fulfillment companies and cold storage users taking down large blocks of bulk industrial space. We expect these trends to continue through 2020. - MatthewMcAllister

Y W H E I XI D

N46THAVE

TAFTST

SRA1A

8.9

NPARKRD

E VA H T 48 1 W N

3.1

JOHNSONST

D R O G NI M AL F

1.74

0 THAVE

W 1 6

NUS27

DOUGLASRD

NW172NDAVE

HOLLYWOODBLVD

N72NDAVE

R D Y TI S R E VI N U

PINESBLVD

Y W H L A R E D E F

7.9

K RD

SP A R

WASHINGTONST

SR7

2.243

9.67

11.5

5.3

V E

5.52

FLORIDAT

T H

E VA H T 4 8 1 W S

S56THAVE

PEMBROKERD

E VA T S 1 0 1 W S

SW 1 6 0

10.8

19.63

SW172NDAVE

RED

HALLANDALEBEACHBLVD

I75

R D

E VA D N 2 6 W S

MIRAMARPKY

D R O G NI M AL F

SW 41STST

HOMESTEADTPKEE X T

1.5

3.06

PC18-2

Miami-Dade County *Pending BCLUPAmendment subject to satisfaction of voluntary commitments

4.33

4.95

ipal land use plansmust be consistentwith theBrowardCounty LandUsePlan. TheBrowardCountyPlanningCouncil reviews eachmunicipal land use plan pursuant to theBrowardCountyCharter and certifies thosemunicipal land use planswhich have been found to be in "substantial conformity"with theBroward y LandUsePlan.When certified by theCouncil, themunicipal land use plan becomes the effective land use plan for themunicipal jurisdiction. The land use designations on theBrowardCounty LandUsePlan serve as the basis formunicipal jurisdiction.Themunicipal land use plansmay bemore restrictive than the ardCounty LandUsePlan andmay depict uses and categories other than those shown on theBrowardCounty LandUsePlan for specific parcels.Areas designated on theBrowardCounty LandUsePlanMap or particular uses are approximate.The exact boundaries for zoningwill be determined by themunicipality the reasonable limits of the designation on themap.For further information regarding identification of the effective land use plan for a specific area or for interpretation of the land use designation for a specific parcel, please contact theBrowardCountyPlanningCouncil at 954.357.6695. 14 | BROWARD COUNTY

INDUSTRIAL MARKET REPORT | 15

PRESENT - Q1 2021 INDUSTRIAL DEVELOPMENT

MAP LOCATOR INDUSTRIAL DEVELOPMENT j South County Regional Park UV A1A £ ¤ 1 Palm Beach ¨ § ¦ 95

Boca Raton

Ceiling Height

Project Name/ Development Owner Name

Address

Building Status Delivery

160,000

32'

Proposed

1Q2021

Deerfield Beach

221,000

32'

Proposed

1Q2021

East Pompano Industrial Center

Black Creek dba IPT

1380 NE 48th Street, Pompano Beach

221,000

32'

Under Construction 1Q2020

221,000

32'

Under Construction 1Q2020

e k pT s ' a dirolF

UV 869

Tamarac Business Center, Building 1

BlackRock

6801 N Hiatus Road, Tamarac

178,240

32'0"-32'0"

Under Construction 3Q2020

Tamarac Business Center, Building 2

Black Rock / Butters

6901 N Hiatus Road, Tamarac

180,412

32'0"-32'0"

Under Construction 3Q2020

UV 834

Coral Springs

Bridge Point 595, Building 3

Bridge Development Partners

2750 Bridge Way

96,724

32'0"-32'0"

Under Construction 4Q2020

Coconut Creek

Bridge Point 595, Building 2

Bridge Development Partners

2650 Bridge Way

290,295

32'0"-32'0"

Under Construction 4Q2020

78 14

Bridge Point 595, Building 1

Bridge Development Partners

2700 Bridge Way

290,295

32'0"-32'0"

Under Construction 4Q2020

UV 869

Margate

81,964

32'0"-32'0"

Under Construction 1Q2020

4 Bridge Point FLL Logistic Center

Bridge Development Partners

1300 SW 32nd Court, Fort Lauderdale

£ ¤ 441

Pompano Beach

174,129

32'0"-32'0"

Under Construction 1Q2020

North Lauderdale

5 Hillsboro Technology Center

Bristol Group

NE Hillsboro Blvd and I-95, Deerfield Beach 200,000

30'0"-32'0"

Proposed

2020

21 15

Tamarac

Port Everglades International Logis

Broward County Government

3413 Mcintosh Road, Hollywood

151,200

32'0"-32'0"

Proposed

2020

£ ¤ 27

Port Everglades International Logis

Broward County Government

3423 Mcintosh Road, Hollywood

145,007

32'

Under Construction 2Q20

7 Pompano Center of Commerce II, Bldg. 6 Butters Realty & Management

1550 NW 18th Street, Pompano Beach

61,832

32'0"-32'0"

Under Construction 3Q2020

£ ¤ 27

8 TBD

Cabot Properties, Inc.

1840 NW 16th Street, Pompano Beach

75,800

32'0"-32'0"

Under Construction 2019

Florida's Tpke

9 Coral Spring Commerce Center II Bldg. 3 Exeter Property Group Coral Springs Commerce Center II, Bldg 2 Exeter Property Group

4100 Coral Ridge Drive, Coral Springs

78,377

32'

Under Construction 2020

Oakland Park

Lauderdale Lakes

Sunrise

Under Construction

101,917

32'

Under Construction 2020

UV 817

Broward

Under Construction

194,441

32'

Under Construction 2020

Coral Springs Commerce Center II, Bldg 4 Exeter Property Group

Lauderhill

UV 838

10 First Sawgrass Commerce Center

First Industrial Realty Trust, Inc.

6301 Lyons Road, Coconut Creek

103,790

32'0"-32'0"

Proposed

2020

¨ § ¦ 75

First 95 Distribution Center

First Industrial Realty Trust, Inc.

1200 NW 15th Street, Pompano Beach

141,450

32'0"-32'0"

Proposed

2021

Atlantic Ocea

Plantation

First Cypress Building II

First Industrial Realty Trust, Inc.

1201 NW 64th Street, Fort Lauderdale

147,690

28'0"-32'0"

Proposed

2020

Fort Lauderdale

First Cypress Building I

First Industrial Realty Trust, Inc.

1501 NW 64th Street, Fort Lauderdale

86,920

28'0"-32'0"

Proposed

2020

13 Port Everglades Distribution Center

Gramercy Property Trust, Inc.

1900 NE 7th Ave, Dania Beach

80,000

24'0"-32'0"

Proposed

4Q2020

14 I-95 Distribution Center

Great Eastern Acquisition Corp 1531 NW 12th Avenue, Pompano Beach

65,900

24'0"-28'0"

Proposed

2Q2020

15 First Cypress, Building II

First Industrial Realty Trust, Inc.

1201 NW 64th Street, Fort Lauderdale

139,320

32'0"-32'0"

Proposed

2020

Ft Lauderdale/Hollywood Int'l Arpt 24 4 6 13

Weston

16 IBB Industrial Center

IBB

14051 NW 14th Street, Sunrise

52,500

32'0"-32'0"

Proposed

2020

Davie Business Center, Building E

IDI Logistics

3360 SW 64th Avenue, Davie

227,625

32'0"-32'0"

Under Construction 2020

Davie

UV 818

Davie Business Center, Building F

IDI Logistics

3370 SW 64th Avenue, Davie

170,000

32'0"-32'0"

Proposed

2020

£ ¤ 441

Davie Business Center, Building G

IDI Logistics

3380 SW 64th Avenue, Davie

115,740

32'

Under Construction 2020

UV 817

UV 848

Rock Lake Business Center, Building A IDI Logistics

3050 NW 33rd Street, Pompano Beach

88,286

32'0"-32'0"

Under Construction 2020

West Lake Park

Rock Lake Business Center, Building C IDI Logistics

Under Construction

154,960

32'0"-32'0"

Proposed

2020

Rock Lake Business Center, Building D IDI Logistics

3150 NW 33rd Street, Pompano Beach

143,100

32'0"-32'0"

Under Construction 4Q2019

Rock Lake Business Center, Building B IDI Logistics

3520 NW 33rd Street, Pompano Beach

119,222

32'0"-32'0"

Under Construction 4Q2019

I-95 Express Ln

Hollywood

Pembroke Pines

UV 820

¨ § ¦ 95

JB Management & Maintenance NW 39th St & NW 120th Ave, Coral Springs

400,000

32'

Proposed

2021

Liberty 595 Logistics Center, Building 1

Liberty Property Trust

Dania Beach

208,800

36'

Under Construction 3Q2020

Liberty 595 Logistics Center, Building 2 Liberty Property Trust

Dania Beach

112,320

36'

Proposed

3Q2020

Miramar

Hallandale

21 Cypress Pointe Distribution Center

Link Industrial

1899 SW 13th Court, Pompano Beach

156,233

32'

Under Construction 4Q2021

22 Independence Industrial Park

Mancini Companies

1851 SW 45th Way, Deerfield Beach

1,000,000 32'0"-32'0"

Proposed

2020

23 Miramar Megacenter Park

Megacenter Palmetto

7451 Riviera Boulevard, Miramar

61,000

30'0"-30'0"

Under Construction 2020

UV 821

24 I-595 Business Center

MSG Dania Beach, LLC

3500 SW 30th Avenue, Dania Beach

165,010

32'0"-32'0"

Under Construction 3Q2020

Carol City

Prologis Seneca Park, Building 1000

Prologis

2400 Commerce Center Way, Pembroke Park 190,494

32'0"-32'0"

Proposed

4Q2020

I-95 Express Ln

North Miami Beach

Prologis Seneca Park, Building 1100

Prologis

2300 Commerce Center Way, Pembroke Park 190,494

32'0"-32'0"

Proposed

4Q2020

Miami Gardens

UV 997

Oleta River State Recreation Area

Prologis Seneca Park, Building 800

Prologis

2500 Commerce Center Way, Pembroke Park 222,145

32'0"-32'0"

Under Construction 4Q2019

26 South Florida Distribution Center, Bldg C Vital Pharmaceuticals, Inc. South Florida Distribution Center, Bldg B Vital Pharmaceuticals, Inc.

20311 Sheridan St, Pembroke Pines

270,767

32'0"-32'0"

Proposed

2020

Miami-Dade

Opa-Locka Airport

UV 823

20311 Sheridan St, Pembroke Pines

249,005

32'0"-32'0"

Under Construction 2019

UV 826

27 North Broward Commerce Center

RS Associates of Florida

3420 NW 7th Avenue, Pompano Beach

70,335

24'

Proposed

2021

North Miami

16 | BROWARD COUNTY

95 Express Ln

2019-2020 LEASE COMPARABLES

Leased SF

Rental Rate

Signing Date Comments

Leased SF

Rental Rate

Signing Date Comments

Tenant/Landlord/ Location

Term: 126 months Escalations: 3% Free Rent: 6 months TI Allowance: $11.00 New

Term: 36 months Escalations: 3% Free Rent: None TI Allowance: $0.50 PSF New Lease

NovoHealth / Bridge Development Partners 3900 NW 215th Street Miami Gardens

Advanced Petro Technologies / Clarion 2004 NW 25th Avenue Pompano Beach

80,373 SF $7.70 NNN 2Q20

24,450 SF $8.50 NNN 1Q20

Term: 63 months Escalations: 3%

Term: 62 months Escalations: 3% Free Rent: 2 months TI Allowance: TBD New Lease Term: 61 months Escalations: 3% Free Rent: 1 month TI Allowance: TBD New Lease

JB Hunt / Duke Realty 1731 W Copans Road Pompano Beach

WasteQuip, LLC / IDI Logistics 3001 W Copans Road Pompano Beach

40,551 SF $7.50 NNN 2Q20

Free Rent: 3 months TI Allowance: Turnkey Relocation Term: 60 months Escalations: 3% Free Rent: None TI Allowance: $2.00 PSF Renewal Term: 13 months Escalations: 3% Free Rent: 1 month TI Allowance: None Renewal Term: 60 months Escalations: 3% Free Rent: N/A TI Allowance: N/A New Lease Term: 67 months Escalations: 3% Free Rent: 3 months TI Allowance: N/A Expansion Term: 12 months Escalations: 3% Free Rent: N/A TI Allowance: N/A Extension Term: 87 months Escalations: 3% Free Rent: 3 months TI Allowance: $3.50 PSF New Lease Term: 62 months Escalations: 3% Free Rent: 2 months TI Allowance: N/A Renewal Term: 61 months Escalations: 3% Free Rent: 1 month TI Allowance: $1.25 PSF New Lease Term: 62 months Escalations: 3% Free Rent: 2 months TI Allowance: $15.00 PSF New Lease Term: 84 months Escalations: 3% Free Rent: None TI Allowance: $17.12 PSF New Lease Term: 24 months Escalations: 3% Free Rent: None TI Allowance: None Renewal Freezer/cooler

39,533 SF $8.90 NNN 1Q20

Windy City / First Industrial 2500 NW 19th Street Pompano Beach

Anixter / Pompano Industrial Venture 1700 NW 18th St, Bldg 9 Pompano Beach

24,000 SF $8.50 NNN 2Q20

18,363 SF $9.50 NNN 1Q20

Term: 72 & 39 months Escalations: 3% Free Rent: 1 month TI Allowance: $15.00 PSF Expansion & Renewal

Ser-Mat International / Prologis 3200 NW 27th Avenue Pompano Beach

VPX / EastGroup 1951 N Commerce Parkway Weston

38,400 SF 96,000 SF

$8.25 NNN $8.75 NNN 1Q20

18,440 SF $8.50 NNN 2Q20

Term: 61 months Escalations: 3% Free Rent: 1 month TI Allowance: $10.00 PSF New Lease

Clorox / Becknell Industrial 2401 College Avenue Davie

D&D Enterprises / UBS 3360 Enterprise Avenue Weston

55,897 SF $8.40 NNN 1Q20

27,000 SF $8.06 NNN 2Q20

Term: 84 months Escalations: 3% Free Rent: Only paying on 29,783 SF in year 1 TI Allowance: $9.00 PSF New Lease

19 AMD Supply / Butters Hillsboro Technology Center 550 Hillsboro Technology Drive Deerfield Beach

39,041 SF $8.50 NNN 1Q20

Anker International / Prologis 2751 Commerce Center Way Pembroke Park

16,038 SF $8.75 NNN 2Q20

Term: 86 months Escalations: 3% Free Rent: 2 months base TI Allowance: $25 PSF New Lease

BSI/Prosegur / Butters Hillsboro Technology Center 550 Hillsboro Technology Drive Deerfield Beach

39,043 SF $11.00 NNN 1Q20

Anker International / Prologis 3201 SW 22nd Street Pembroke Park

35,539 SF $9.95 NNN 2Q20

Term: 72 months Escalations: 3%

United Medco / Exeter Property Group 4250 Coral Ridge Drive Coral Springs

87,855 SF $6.25 NNN 1Q20

Free Rent: 3 months base TI Allowance: $7.00 PSF New Lease

Goodman Air Conditioning / TA Realty 4140 SW 30th Avenue Hollywood

41,200 SF $8.90 NNN 2Q20

Term: 42 months Escalations: 3% Free Rent: None TI Allowance: None Renewal

Gateway Classic Cars / Exeter 4020 NW 126th Ave Coral Springs

34,128 SF $7.35 NNN 1Q20

Polymershapes / Sunbeam Properties 9624-9632 Premier Parkway Miramar

20,039 SF $6.98 NNN 1Q20

Term: 64 months Escalations: 3%

Del Valle Brands / Seagis 8150 NW 76th avenue Medley

Free Rent: 4 months base TI Allowance: $1.25 PSF New Lease Term: 60 months Escalations: 3% Free Rent: None TI Allowance: 2,500 spec Ofc New Lease Term: 63 months Escalations: 3% Free Rent: 3 months base TI Allowance: $17 PSF New Lease Term: 130 months Escalations: 2.5% Free Rent: 10 months base TI Allowance: $8.50/SF New Lease

125,976 SF $7.85 NNN 1Q20

KeHe Distribution / Cabot Meridian Business Campus 3225 Meridian Parkway Weston

201,849 SF $8.50 NNN 1Q20

Caterpillar / Panattoni EastView Commerce Center- Building 5 2400-2450 NW 116th Street Miami

115,000 SF $7.60 NNN 1Q20

Rolo Transport, LLC / Prologis 3500 SW 20th Street Pembroke Park

23,907 SF $8.00 NNN 1Q20

Peleton / EastGroup Gateway Commerce Park 1702 NW 215th Street Miami Gardens

27,781 SF $8.65 NNN 1Q20

Commercial Relocation Group / Butters 528 Hillsboro Technology Drive Building E Deerfield Beach

25,358 SF $8.90 NNN 1Q20

La-Z-Boy / Bridge Development 1971 N Powerline Road Pompano Beach

48,800 SF $8.15 NNN 1Q20

MasTec / Bergeron Bergeron Park of Commerce 19700 Stirling Road Pembroke Pines

43,800 SF / 1.00 AC Outside Storage

$8.85 NNN (W/H) $2.13 NNN (Land)

Term: 61 months Escalations: 3% Free Rent: 1 month TI Allowance: $2.00 PSF New Lease

1Q20

27 Stimwave / Duke Park Central 1300 Pompano Beach

25,942 SF $7.75 NNN 1Q20

18 | BROWARD COUNTY

INDUSTRIAL MARKET REPORT | 19

2019-CURRENT BUILDING SALES BUILDING SALES

Boca Pointe MAP LOCATOR BUILDING SALES UV A1A

Palm Beach

Bldg SF / Acrage Sales Price Closing Date

Buyer / Seller

Location

City

Deerfield Beach

West Dixie Bend

Corporate Park of Coral Springs 3900 Coral Ridge Drive

80,718 SF 1.85 AC

$7,150,000 ($88.58 PSF) $1,600,000 ($110.34 PSF) $2,200,000 ($106.57 PSF) $2,314,960 ($190.00 PSF) $28,000,000 ($161.00 PSF) $2,800,000 ($183.00 PSF) $3,550,000 ($118.33 PSF) $4,720,000 ($129.00 PSF) $10,650,000 ($117.26 PSF) $2,460,000 ($150.46PSF) $12,900,000 ($124.09 PSF) $4,900,000 ($129.06 PSF) $38,220,000 ($172.30 PSF) $63,050,000 ($143.00 PSF) $38,000,000 ($124.82 PSF) $6,030,000 ($124.79 PSF) $36,300,000 ($146.96 PSF) $116,500,000 ($191.75 PSF)

Elion Partners / Steve Leffler

Coral Springs

06/2020

Lakeview

UV 869 UV 869

2 Pompano 555, LLC / Sea Breeze Investment, LLC

555 S Dixie Highway

Pompano Beach 14,500 SF

06/2020

3 Infinity Roofing / Dag Kleveland

6788 NW 17th Avenue

Fort Lauderdale 20,642 SF

04/2020

UV 834

Coral Springs

Cresthaven

4 Undisclosed / Triad of South Florida, Inc

1358 W Newport Center Drive Deerfield Beach 12,184 SF

04/2020

Coconut Creek

Bridge Point FLL Logistics Center 3233-3303 SW 12th Avenue

Morgan Stanley Private Wealth Advisors / Bridge Development Partners

92,165 SF 81,964 SF

Fort Lauderdale

01/2020

Margate

6 Undisclosed / Channel-Tek International Corp

1432 E. Newport Center Drive Deerfield Beach 15,268 SF

11/2019

Harbor Village

UV 814

Pompano Beach

7 Pie Related Group Holdings, LLC / ARRP Family LP

2881 Gateway Drive

Pompano Beach 30,000 SF

10/2019

North Lauderdale

Tamarac

8 Greenwood Vineyards, LLC / Deerpod Associates, LTD 3251 SW 13th Drive

Deerfield Beach 36,681 SF

10/2019

9 EIV 2121, LLC / Koons & Poisson Building Partnership 2121 NW 15th Avenue

Pompano Beach 90,818 SF

09/2019

North Andrews Gardens

10 CR Newport Center LLC / MicrimUSA, LLC

1191-1199 W Newport Center Dr Deerfield Beach 16,350 SF

08/2019

15701 SW 29th Street 11600 Miramar Parkway 11650 Miramar Parkway 11740 Miramar Parkway 2501 SW 160th Avenue 3201 SW 15th Street 3131 SW 15th Street

263,057 SF 186,011 SF 62,008 SF 40,896 SF 55,574 SF 84,351 SF 19,600 SF

Oakland Park

Lauderdale Lakes

Sunrise

Stockbridge / IDI Logistics

Miramar

08/2019

UV 817

Broward

Lauderhill

UV 838

£ ¤ 1

Health Services Inc (HCA) / G&P Enterprises and Health Communications

Deerfield Beach

07/2019

¨ § ¦ 75

Plantation

2640 N Powerline Road

Pompano Beach 37,965 SF on 2 AC

06/2019

13 BJM, LLC / A.L. Garey & Associates, Inc.

Fort Lauderdale

¨ § ¦ 95

14 ASB Capital Management / Bridge Riverbend

201 NW 22nd Avenue

Fort Lauderdale 221,815 SF

05/2019

Harbor Beach Harbor Beach

Florida's Tpke

Cabot Properties / Clarion Partners Weston Park of Commerce

3245 Meridian Parkway 3225 Meridian Parkway

230,976 SF 207,335 SF

¨ § ¦ 75

Weston

03/2019

Atlantic Ocean

Weston

UV 823 UV 823

16 Bridge Development Partners/ Sherm Realty Corp 15501 SW 29th Street

Miramar

304,428 SF

02/2019

Florida's Tpke

Ft Lauderdale/Hollywood Int'l Arpt

Mindful Capital group / Deerfield Management Limited Partnership

Davie

312-384 S Military Trail

Deerfield Beach 48,318 SF

02/2019

UV 818

UV 817

18 Brookfield Property Partners / Ivy Capital Partners 712 S Military Trail

Deerfield Beach 247,000 SF

01/2019

£ ¤ 441

UV 848

j West Lake Park

Southwest Ranches

Driftwood Acres

I-95 Express Ln

Hollywood I-95 Express Ln

Pembroke Pines

UV 820

20 | BROWARD COUNTY

Miramar

Hallandale

Golden Isles

Sun Swept Isles

Boca Pointe MAP LOCATOR LAND SALES

2019 - CURRENT LAND SALES

Palm Beach

Parkland

Deerfield Beach

UV 810

West Dixie Bend

£ ¤ 1

Buyer / Location

Acreage Sale Price Sale Date Comments

£ ¤ 441

Vital Pharmaceuticals, Inc. 1600 N. Park Drive Weston First Industrial Realty Trust, Inc. 6401 Lyons Road Coconut Creek First Industrial Realty Trust, Inc. NW Corner of Copans Road and Banks Road Margate First Industrial 1001 & 1021 NW 12th Terrace Pompano Beach Panattoni Development Company/ 3000 NW 123rd Street Miami

34.20 AC $32,500,000 ($21.81 PSF)

03/2020 Zoned PUD

Lakeview

UV 869

7.05 AC $5,200,000 ($16.93 PSF)

12/2019 Zoned M-1

Lighthouse Poi

UV 834

Coral Springs

$8,600,000 ($21.93 PSF)

Cresthaven

9 AC

11/2019 Zoned IQ-1

Coconut Creek

$19,800,000 ($29.95 PSF)

19.8 AC

10/2019 The property includes 32,000 SF of buildings

UV 869

Margate

$24,000,000 ($27.55 PSF) $9,551,000 ($23.83 PSF) $36,900,000 ($25.47 PSF)

Harbor Village

20 AC

10/2019 Property will be redeveloped with 414,000+ new spec warehouse

UV 814

Pompano Beach

150,00 SF of industrial product to be developed by 2Q20 Zoned RAC-RTE Site plan approved for 677,314 SF for 3 buildings

6 Link Industrial 1800 SW 13th Court Pompano Beach

9.2 AC

07/2019

North Lauderdale

Tamarac

Bridge Development Partners 5600 Reese Road Davie

33.26 AC

07/2019

Exclusive Trim, Inc / Biggie Investments NW 39th Street & NW 126th Avenue Coral Springs

$4,595,600 ($14.98 PSF)

117,000 SF user buliding to be developed by 2Q20

7.04 AC

06/2019

North Andrews Gardens

Florida's Tpke

Zoned B-4 Site plan approved for 55,000 SF small bay warehouse

$2,100,000 ($11.06 PSF)

9 Maher Hanna 1200 NW 31st Avenue Pompano Beach 4.36 AC

06/2019

Oakland Park

Lauderdale Lakes

Sunrise

Pedowitz Machinery Movers 1951 N Powerline Road Pompano Beach Premier Asset Management 3490 SW 26th Terrace Dania Beach

$3,200,000 ($20.69 PSF)

UV 817

3.55 AC

06/2019

Zoned I-1

Wilton Manors

Lauderhill

Broward

UV 838

$7,501,000 ($19.70 PSF)

165,000 SF industrial product to be developed in 2020 Zoned BP Has to be de-mucked and filled Sawgrass Expressway visibility

£ ¤ 1

8.74 AC

01/2019

$15,000,000 ($15.41 PSF)

12 Tamarac Industrial Ventures Hiatus & McNab Roads Tamarac

22.35 AC

12/2018

Plantation

Fort Lauderdale

Atlantic Ocean

¨ § ¦ 95

Harbor Beach Harbor Beach

nL sserpxE 59-I

Weston

UV 823 UV 823

Florida's Tpke

Ft Lauderdale/Hollywood Int'l Arpt

Davie

UV 818

Cooper City

£ ¤ 441

Dania Beach

UV 817

UV 848

j West Lake Park

Southwest Ranches

Driftwood Acres

¨ § ¦ 95

Hollywood

22 | BROWARD COUNTY

Pembroke Pines

UV 820

s Ln

Prepared by: CHRIS METZGER, SIOR Executive Director +1 954 938 2608 chris.metzger@cushwake.com RICK ETNER, SIOR Executive Director +1 954 938 2607 rick.etner@cushwake.com

CUSHMAN & WAKEFIELD

CHRISTOPHER THOMSON, SIOR Executive Director +1 561 227 2020 christopher.thomson@cushwake.com MATTHEW MCALLISTER Director +1 561 227 2018 matthew.mcallister@cushwake.com

515 E. Las Olas Blvd., Suite 900 Ft. Lauderdale, FL 33301 | USA

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About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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©2020 Cushman & Wakefield. The material in this presentation has been prepared solely for information purposes, and is strictly confidential. Any disclosure, use, copying or circulation of this presentation (or the information contained within it) is strictly prohibited, unless you have obtained Cushman & Wakefield’s prior written consent. The views expressed in this presentation are the views of the author and do not necessarily reflect the views of Cushman & Wakefield. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever. NO REPRESENTATION OR WARRANTY IS GIVEN, EXPRESS OR IMPLIED, AS TO THE ACCURACY OF THE INFORMATION CONTAINED WITHIN THIS PRESENTATION, AND CUSHMAN & WAKEFIELD IS UNDER NO OBLIGATION TO SUBSEQUENTLY CORRECT IT IN THE EVENT OF ERRORS.

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