State Street Closes 2 Million SF In Transactions In 2013, No Slowdown In Sight

State Street Realty, a Miami based brokerage and advisory firm, had a record-making 2013 by closing more than 2,000,000 square feet of office and industrial sale and lease transactions valued more than impressive $115,000,000.
State Street Realty President George Pino, SIOR, RPA, Executive Vice President Ed Lyden and Leasing Associate Ana Lopez working on behalf of Landlord’s Prologis and various other clients completed these transactions together in 2013.
The 2014 year has been active for the State Street Realty team, already completing over 314,000 square feet of commercial real estate transactions in Miami-Dade County.
According to President, George Pino, SIOR, “The high level of activity and industrial lease transactions will certainly continue in 2014 within the Miami Airport/Doral and Medley industrial submarkets.  There is a flight to quality with sophisticated tenants, specifically over 40,000 square feet, moving to brand new Class A industrial buildings to take advantage of the new specifications and building efficiencies.  The numerous tenants moving to the new generation of Class A industrial buildings is causing a domino effect on second generation spaces. There will be a significant flight to Class A/B+ second generation spaces by tenants previously occupying Class B & C industrial space. This is particularly true with industrial tenants requiring 30,000 square feet or less of which there is a lack of availability for this size space. Landlords are beginning to recognize the need for small bay spaces and are starting to target smaller tenants by splitting large second generation buildings into multiple spaces.”
Noteworthy deals that State Street Realty closed in January and February 2014 include:

• Trendsettah USA, Inc. leased 54,315 square feet of industrial warehouse space at Prologis Beacon Centre.  George Pino, SIOR and Ed Lyden of State Street Realty represented the Landlord, Prologis and Patty Marquez of Digiacomo Group represented the Tenant. 
  

 

• Super Restoration Service Co. leased 37,333 square feet of industrial warehouse space at Prologis Beacon Centre.  George Pino, SIOR and Ed Lyden of State Street Realty represented the Landlord, Prologis and Frank Trelles of Cornerstone International Realty represented the Tenant.

• International Bonded Couriers renewed its lease for 37,116 square feet of industrial warehouse space at Prologis Beacon Centre.  George Pino, SIOR of State Street Realty represented the Landlord, Prologis and Tom Capocefalo and Chris Harak of Studley the Tenant.

• Nipro Medical Corporation leased 86,076 square feet of industrial warehouse space at Flagler Station Business Park.  Ed Lyden and George Pino, SIOR of State Street Realty represented the Tenant.  Chris Sutton, SIOR of Flagler Brokerage Services
  represented the Landlord.