Miami-based State Street Realty recently closed over 330,000 square feet of office and industrial lease and sale transactions in the past 60 days valued over $16,500,000 as the Miami commercial real estate market continues to strengthen.
State Street Realty President George Pino SIOR, RPA, Executive Vice President Ed Lyden, Vice President Frank Trelles, SIOR, Associate Brian Cabielles and Leasing Associate Ana Lopez, working on behalf of Landlord’s Prologis and various other clients, recently completed these transactions.
• JAS Forwarding (USA) Inc. leased 83,956 square feet of industrial warehouse space at Beacon Lakes Business Park at 1900 NW 129th Avenue in Miami. Trelles and Pino represented the Tenant and Brian Smith of JLL represented the Landlord.
• Estes Forwarding Worldwide, LLC leased 14,931 square feet of industrial warehouse space at Prologis MIA Business Center at 3409 NW 72 Avenue in Miami. Pino, Lyden and Trelles represented the Landlord and Steve Jones and Robert Communale of Industrial Group Realty represented the Tenant.
• Infrico USA Corp. leased 10,060 square feet of industrial warehouse space at Beacon Centre Business Park at 1409 NW 84 Avenue in Miami Pino and Brian Cabielles represented the Landlord and Virginia Calcano of Kaizen Realty Partners represented the Tenant.
• Formula Global Mobility, LLC leased 11,116 square feet of industrial warehouse space at Beacon Centre Business Park at 8406 NW 17 Street in Doral. Pino and Cabielles represented the Landlord and Roberta Barros of Chris Brooks Realty represented the Tenant.
• P&P Group renewed a lease of 17,600 square feet of industrial warehouse space at Beacon Industrial Business Park at 10913 NW 30 Street in Doral. Pino, represented the Landlord and Pat O’ Hare, SIOR of Florida Corporate Realty represented the Tenant.
Last year was very productive for State Street Realty, which completed more than 1,700,000 square feet in transactions valued over $100 million in South Florida and this year looks promising.
According to President, George Pino, “The commercial real estate outlook for 2017 is positive. We continue to see record occupancy levels, rental rates on the rise and substantial size office and industrial requirements within Miami-Dade, specifically the Miami Airport submarket. Industrial real estate’s bull run is expected to continue well into 2017 as both importers and exporters continue to seek warehouse and distribution centers within close proximity to the seaport and Miami International Airport cargo area. Also, e-commerce will continue to drive demand particularly for well-located large distribution and fulfillment warehouse space in major gateway markets such as the Miami Airport area. E-commerce is changing how and where industrial real estate is built. With new construction still trailing demand, we will continue to see ground up development in South Florida and major markets across the US, in addition, we will see creative and adaptive re-use of commercial real estate assets”.
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