Miami Brokerage Team Arranges 7 New Industrial Leases Totaling More Than 136,000 SF

CBRE’s Miami-based industrial team of David Albert, Devin White and Andrew Lehrer completed seven industrial lease transactions totaling 136,396 square feet in Miami-Dade County over the past 60 days, another indication of Miami’s healthy industrial market.
 

“We continue to see steady industrial activity in the Doral and Medley submarkets in a variety of sizes, with the greatest rent growth and demand remaining in the sub-40,000 square foot range,” said David C. Albert, SIOR and Senior Vice President at CBRE.

Miami’s industrial market has experienced healthy leasing activity throughout 2015, according to CBRE Research, with nearly 2.1 million square feet of net absorption during the year. The significant absorption has pushed vacancy down to 3.8% in Q3 2015, 70 basis points below last year’s vacancy rate. Asking rates are holding steady, with industrial space averaging $8.18 per sq. ft., up from $8.17 during Q3 2014.
The seven recent lease transactions arranged by the Miami-based CBRE team include:

• Marine-IX, Inc. leased 24,335 square feet  at 11225 NW 131st Street, an 85,000-square-foot property in Medley Industrial Park.  The transaction brings the building back to 100% occupancy. CBRE represented the landlord Terreno Realty Corporation.
• Heritage Tobacco extended and expanded their long-term lease at the Miami International Trade Center, taking a total of 33,000 square feet in the 155,000-square-foot property. CBRE represented the landlord, Terreno Realty Corporation.
• U.S. Impact Systems leased 40,300 square feet at World Distribution Center, located at 2970 NW 75th Ave. CBRE represented landlord Peter Lawrence Company in the transaction.
• Three companies signed renewals at Skyway Center, at 6910 NW 12th Street, for a total of 27,500 square feet. CBRE represented landlord Peter Lawrence Company in the transaction.
• Noland Company, Inc. renewed their lease for 12,000 square feet at 1700 NW 82nd Avenue in Miami International Commerce Center.

The Miami-based industrial team of David Albert, Devin White and Andrew Lehrer specialize in tenant and landlord representation for local, regional and national clients in South Florida.
 

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