Pino's State Street Closes Over 338,000 SF In 60 Days

State Street Realty closed over 338,000 square feet of office and industrial sale and lease transactions valued over $15,000,000.
State Street Realty President George Pino, SIOR, RPA, Executive Vice President Ed Lyden, new Associate Brian Cabielles and Leasing Associate Ana Lopez working on behalf of Landlord’s Prologis and various other clients completed these transactions together in April and May 2014.
According to President, George Pino, SIOR, “the high level of general activity and industrial lease transactions will certainly continue in 2014 within the Miami Airport/Doral and Medley industrial submarkets.  Miami is a key market for many companies, as demonstrated by the volume of office and industrial transactions completed so far in 2014.  The Miami industrial market, and specifically the Miami Airport submarket, which is the hub of Miami’s bustling international trade sector, continues to see steady demand and we expect it to outperform other markets across the U.S.  Vacancy rates are about 7 percent while asking rents have increased about $0.30 per square foot so far in 2014. New industrial construction starts have increased across South Florida; the Miami Airport / Medley submarkets have approximately 1,000,000 square feet currently under development.”
Noteworthy deals that State Street Realty closed in April and May 2014:

• Neutralogistics LLC, Inc. leased 50,363 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 Juan Ruiz of Blanca Commercial Real Estate represented the Tenant.
• Marken LLP leased 23,482 square feet of industrial warehouse space at Prologis Beacon Centre.  George Pino, SIOR of State Street Realty represented the Landlord, Prologis and Mike Brucato of DTZ represented the Tenant.
• Universal Tire International, Inc. renewed its lease for 39,463 square feet of industrial warehouse space at Prologis Blue Lagoon.  George Pino, SIOR of State Street Realty represented the Landlord, Prologis and Frank Trelles / Hector Catano of Cornerstone International Realty represented the Tenant.
• HVAC/R International, Inc. leased 14,980 square feet of industrial warehouse space at Prologis Beacon Centre.  Ed Lyden and George Pino, SIOR of State Street Realty represented the Landlord, Prologis and Ulyses Moya of Americas Industrial Realty represented the Tenant.