Colliers International South Florida is pleased to announce a lease renewal has been negotiated for Avnet, Inc. at Beacon at 97th, located at 2100 NW 97th Avenue, Miami. Carol Ellis-Cutler, Senior Vice President – Partner of Colliers International South Florida, represented Avnet in the 103,131-square-foot transaction.
Avnet, one of the world’s largest franchised distributor of electronic components and subsystems, has locations in more than 50 countries. The tenant will continue to use the space at Beacon at 97th for distribution of electronics to Latin America. The space need came about after Avnet purchased two businesses, Tallard Technologies and BellMicro. This acquisition triggered the need to sublease a facility they had leased at 1935 NW 87th Avenue and consolidate products here in Miami as well as merge multiple locations in South America. After analyzing a dozen options for lease and a few build-to-suits, the tenant elected to renew their lease in Miami, at the former BellMicro site.
“The convenience of Beacon at 97’s location, in the west airport Miami submarket, worked well for Avnet,” says Ellis-Cutler. “The property also gave them the size they needed, over 100,000 square feet, with growth opportunities.”
When the renewal negotiations began, the property had a different landlord, she explains. “Mid-way through the process KTR Capital Partners acquired the property, and the financial strength and creditability of the new Landlord was an added benefit in the decision to renew at the property.” The transaction points to the importance of the financial strength of landlords for Fortune 500 tenants like Avnet, which ranked 132 in America’s largest corporations in 2011, she adds.
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