Logistics Companies Ink 104,000 SF Of Industrial Leases

Apr 15, 2019 No Comments by

Transwestern Commercial Services (TCS) negotiated 104,055 square feet of industrial lease transactions in Miami.

TCS South Florida industrial team Executive Managing Directors Walter Byrd and Ben Eisenberg, Managing Director Thomas Kresse, and Vice President Carlos Gaviria facilitated the following transactions.

GEODIS Logistics signed a new 65,130-square-foot, long-term lease at South Florida Logistics Center at 3200 N.W. 67th Ave., Building 7, in Miami’s Airport submarket. The space will be used by GEODIS to fulfill the logistics needs of a client distributing goods throughout South Florida. TCS, in partnership with Pro Venture, Geodis’ exclusive national broker, represented the tenant. The landlord, Flagler Global Logistics, was represented in-house by Chris Sutton and Andrew Lehrer.

Crowley Logistics signed a 38,925-square-foot, long-term lease renewal at Flagler Station at 11401 N.W. 100th Road in Miami’s Medley submarket. TCS represented the tenant. Cushman & Wakefield’s Stuart Gordon represented the landlord.

 

“We continue to see strong demand in Miami-Dade’s industrial market, especially in areas near Miami International Airport,” said Byrd. “We anticipate further tightening of the market as competition among industrial users, and particularly logistics companies, remains strong for locations that will position their business operations near or with superior connectivity to the airport, seaport, and major roadways.”

The industrial lease transactions come on the heels of the TCS South Florida industrial team securing a 364,608-square-foot, full-building lease renewal with CEVA Logistics at 5601 N.W. 72nd Ave. in Miami’s Airport submarket on behalf of the landlord, Clarion Partners.

According to market research by TCS, Miami is one of the nation’s most sought-after industrial markets with low single-digit vacancy and demand concentrated in the Medley, Hialeah, and Miami Airport submarkets. As of year-end 2018, Miami-Dade industrial real estate saw net absorption of 1.3 million square feet and a 4.5 percent overall vacancy rate.

 

 

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Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex, NA
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