A pair of Fortune 500 companies have renewed their leases at the Miramar Park of Commerce, one of South Florida's largest industrial parks. With over 5.5 million square feet of space in Broward County, it is home to over a dozen other major tenants.
Construction and mining equipment manufacturer Caterpillar renewed its lease for the 45,000-square-foot space it occupies at 3450 Executive Way. A well-known name in the construction industry, the company has been a tenant of the park since 1999. The manufacturer was represented by Steve Medwin and Nick Wigoda, formerly with Newmark's South Florida industrial team, but now of Stream Realty Partners. The pair facilitated this deal while working for Newmark.
Nissan North America, an occupant of the park since 1995, also renewed its lease for a 16,000-square-foot training facility and office at 3201 Executive Way. Tom O'Loughlin of CBRE represented the car company in the lease negotiations.
The lease renewals from "globally recognized brands like Caterpillar and Nissan underscores the value of the Miramar Park of Commerce," said Peter Apol, director of leasing for Sunbeam Properties & Development, the park's owner and developer, in a statement.
The park is home to 16 Fortune 500 companies, and includes tenants such as Quest Diagnostics, manufacturer Stanley Black & Decker, Fastenal, ADI Global, Otis Elevators, Siemens, Turner Construction, Walgreens Boots Alliance and Johnson Controls. More recently, DifGen Pharmaceuticals relocated to the park in February from its former headquarters in Princeton, New Jersey.
Construction of the Miramar Park of Commerce began in 1984, with Sunbeam Properties & Development subsequently expanding the park in the ensuing decades. Today, the park is the largest privately owned corporate park in South Florida, according to the park's website.
Miramar Park of Commerce comes equipped with 5.5 million square feet of office, laboratory, pharmacy, light manufacturing and distribution space across a 600-acre campus. It is about 15 miles northwest of downtown Miami and immediately north of the Florida Turnpike.