Tire company Solideal has signed a 14,496-square-foot lease at Powerline Business Park in Pompano Beach, according to Cushman & Wakefield.
Solideal, which was represented by CBRE Group, plans to occupy the space in February.
“They were in the market for some time,” said Sky Groden, executive director at Cushman & Wakefield, who represented Powerline Park, the landlord, in the transaction. “We tried to do a couple of other deals with them and it’s actually a relocation from their Palm Beach location to here.”
The company’s previous location was at 6670 White Drive in Riviera Beach.
CBRE could not be reached for comment.
The size of the lease could be a positive sign for Broward’s industrial market, whose vacancy rate finished up 2011 at around 9.1 percent, slightly higher than an overall rate of 8.4 percent for South Florida.
Groden said there were several large firms “floating around” in the market looking for space.
“I don’t know if they’re just testing the market or comparing it to other locations,” he said. “But the amount of inactivity or slow leasing that had taken place in most of 2011 has really started to see a lot more momentum in the beginning of this year [in Broward],” Groden said.
South Florida’s industrial market has been generally showing strength, particularly in Miami. It’s not clear whether would-be tenants will look further north as Miami’s market continues to tighten up, but activity has begun picking up.
“The trends in Broward and Palm Beach tend to be maybe four to six months behind Miami,” he said. “Miami has the largest industrial mass of product, with Broward being second and Palm Beach being third. It’s like a pyramid — there’s less real estate product available in Palm Beach than there is in Broward than there is in Dade.”
Powerline Park, which has a total of 470,000 square feet, is located at 2205 Northwest 30 Place in Pompano Beach.
Terms of the deal were not disclosed.