State Street Realty, a Miami based brokerage and advisory firm, closed over 175,000 square feet of office and industrial sale and lease transactions valued over $7,000,000.
State Street Realty President George Pino, SIOR, RPA, Executive Vice President Ed Lyden, Associate Brian Cabielles and Leasing Associate Ana Lopez working on behalf of Landlord’s Prologis and various other clients completed these transactions together in July and August 2014.
According to President, George Pino, SIOR, “Over 300,000 square feet of new Class “A” warehouse/distribution space was delivered during Q1 2014, 1.3 million square feet is currently under construction, the most since 2007, and over 3 million square feet is in the pipeline. The continuous flight to quality in the last several quarters is causing developers to rush to fill the growing demand for Class A industrial product in Miami. Tenant demand for these new facilities, which offer features that allow companies to operate more efficiently – such as 28’ to 36’ clear heights, wider column widths, deep and secure truck courts, trailer storage and high-efficiency T-5 lighting – is so high that many buildings are pre-leased before construction is completed.” “Not only is there a flight to quality with tenants moving to brand new modern industrial buildings, but the tenants moving to the new generation of Class A buildings is causing a domino effect on second generation spaces. There has been a significant flight to second generation spaces from Class B & C buildings, particularly with sub-30,000 square foot spaces, which are in short supply.”
Noteworthy deals that State Street Realty closed in July and August 2014:
- Everwell Parts, Inc. renewed and expanded into 36,800 square feet of industrial warehouse space at Prologis Beacon Industrial Park. George Pino, SIOR and Ed Lyden represented the Landlord, Prologis.
- Talwin Transport Service leased 12,800 square feet of industrial warehouse space at Prologis Beacon Industrial Park. George Pino, SIOR and Brian Cabielles represented the Landlord, Prologis and Dante Aleman of Kaizen Realty represented the Tenant.
- Concepts In Freight, Inc. leased 19,200 square feet of industrial warehouse space at Prologis Beacon Industrial Park. George Pino, SIOR, Brian Cabielles and Ed Lyden represented the Landlord, Prologis.
- Gotham Cigars leased 7,940 square feet of industrial warehouse space at Prologis Beacon Centre. George Pino, SIOR and Brian Cabielles represented the Landlord, Prologis and Al Santurio of Beacon Commercial Realty represented the Tenant.
George Pino and Ed Lyden of State Street Realty are members of CIASF. George currently serves on the CIASF Board of Directors.
Barbara Mantecon, Peter Crovo, Denver Glazier II, and Lisette Goyanes of Prologis are members of CIASF. Barbara currently serves on the CIASF Board of Directors.
