State Street Completes 105,000 SF Of Transactions
State Street Realty, a Miami based brokerage and advisory firm, had an active November, closing over 105,000 SF of office and industrial sale and lease transactions in the active Miami Airport submarket.
State Street Realty President George Pino, SIOR, RPA, Senior Vice President Ed Lyden and Senior Associate Jesus Cortes working on behalf of Landlord’s Prologis and various other clients completed the transactions together in the past 30 days.
“We are currently 99.0% leased in Miami Dade County and with very little supply in the market under 50,000 SF. Landlords are taking the opportunity to push rental rates. We hope to continue to see the positive momentum going forward that we have seen over the last 12 months.” stated Mr. Peter Crovo, Vice President & Florida Market Officer for Prologis.
“Right now, there is limited supply of Class “A” industrial warehouse space in the Miami Airport area. You will continue to see a significant amount of industrial space absorbed as many Tenants have shown a strong desire to expand their warehouse space. The vacancy rate at approximately 6.5% marks the lowest since the 4th quarter of 2007,” stated Mr. Pino.
“The Miami Airport West industrial market has not yet reached the peak of activity pricing or occupancy, but it is certainly trending in that direction.” Mr. Pino continued. “New tenants continue to enter the market to benefit from Miami’s transportation hubs and easy access to Central and South America.”
Noteworthy deals that State Street Realty closed in November include:
- Pacific Trading Services leased 35,160 SF of industrial warehouse space at Prologis Beacon Lakes. George Pino and Ed Lyden of State Street Realty represented the Landlord, Prologis. Luis Marquez of Casal Group represented the Tenant.
- RAMCOM leased 12,552 SF of industrial warehouse space at Prologis Beacon Centre. George Pino of State Street Realty represented the Landlord, Prologis.
- Morrison Express leased 21,576 SF of industrial warehouse space at Prologis Beacon Centre. George Pino and Jesus Cortes of State Street Realty represented the Landlord, Prologis. Luis Marquez of Casal Group represented the Tenant.
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