CBRE Secures 44,000 SF Tenant For Brand New Class A Industrial Park

CBRE has secured a tenant in one of the remaining spaces in the DCT Commerce Center, two new Class A industrial buildings in the Pan American West Business Park.
Pro Ag CHB Logistics, an importer/exporter, signed a seven-year lease on 44,000-square-feet at 1800 NW 133rd Avenue, bringing the well-located industrial park near Miami International Airport up to 95% leased.  Pro Ag is scheduled to occupy the new facility in September 2013.
Pro Ag is expanding from their 32,000-square-foot space at 10914 NW 33rd Street to Building B in DCT Commerce Center, the second of two newly constructed 167,000-square-foot buildings. CBRE represented the tenant as well as the landlord, DCT Industrial.
This transaction points to the continued demand for Class A industrial/warehouse space in the busy Airport/Doral submarket, where CBRE Research reported a 7% vacancy and average asking lease prices of $9.45 per square foot in Q1 2013.
“There has been a continued flight to quality in the industrial sector, and this property offers all of the key amenities, such as enhanced security, that sophisticated tenants need to operate efficiently,” said Devin White, Vice President with CBRE, who represented the tenant.
DCT Industrial broke ground on the project in May 2012 and shortly thereafter, CBRE arranged two long-term leases totaling 273,000-square-feet (150,000 in Building A, 123,000 in Building B) with forwarding and logistics giant DB Schenker. That deal brought the property up to 80% leased prior to completion. Building A was completed in January 2013 and Building B was completed in April 2013.
In addition to Devin White, CBRE’s David Albert, Senior Vice President; and Andrew Lehrer, Associate, were involved in the deal.