Transwestern’s South Florida industrial team announced it facilitated two new, long-term leases totaling 40,000 square feet to new-to-market tenants at Beacon Centre, a Class A business park located at NW 25th Street and NW 84th Avenue in Doral.
Transwestern’s Thomas Kresse, Senior Vice President, Walter Byrd and Ben Eisenberg, both Senior Managing Directors, and Carlos Gaviria, Senior Associate, represented an institutional real estate manager in the following transactions, which brought its 425,000 square foot portfolio within Beacon Centre to 100 percent occupancy:
- Next Plumbing Supply, one of the leading independent plumbing supply distributors in Florida, signed a new, long-term lease for 25,000 square feet. Steve Levine of Savills Studley represented the tenant in this transaction.
- Emser Tile, the largest privately held designer and marketer of tile and natural stone products in the United States, signed a new, long-term lease for 15,000 square feet. Audley Bosch of Cushman & Wakefield represented the tenant in this transaction.
Market reports indicate that Miami’s industrial market gained 351,737 square feet of positive absorption in 1Q 2016, much of which was fueled by growth in residential construction, e-commerce, and trade with Latin America. Keeping with this trend, the recent transactions at Beacon Centre will bring 40,000 square feet of positive absorption to the market as these leases mark each tenant’s first location in Miami-Dade County.
“We continue to see strong demand from tenants in the 10,000 to 30,000 square foot range that want to be located in the core of Doral in Class A business parks with solid institutional ownership,” said Kresse. “Beacon Centre’s location, curb appeal, and access to the major thoroughfares played an important role for both tenants in the decision-making process.”
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