The Airport East Distribution Center location — GA Telesis’ fourth in South Florida — will primarily be used to house aircraft parts.
In addition to its headquarters and composite facility in Fort Lauderdale, the aircraft leasing, overhaul and repair services company has two more repair facilities in Miami.
Cushman & Wakefield said in a news release that it handled both sides of the transaction.
Executive Directors Richard Etner, Jr., Christopher Metzger, and Brian Smith, along with Senior Directors Christopher Thomson and Audley Bosch represented GA Telesis.
Executive Director Wayne Ramoski and Senior Associate Gian Rodriguez represented the building’s joint-venture ownership group of Terranova and Blackrock Realty Advisors.
Airport East Distribution Center, located at 7000 Northwest 32nd Avenue in Miami, is a 400,000-square-foot warehouse. Built in 1955, it served as a grocer warehouse before its current configuration for multiple tenant use.The facility was acquired by Terranova and Blackrock in September 2013 and has since undergone $2.5 million in capital improvements.
In the past year, Ramoski and Rodriguez of Cushman & Wakefield said that they have helped Terranova/Blackrock raise occupancy in the building by 31 percent.
“A deal like this with a credit tenant like GA at an older warehouse facility demonstrates there’s still a need for functional warehouse space,” said Rodriguez in a statement, “regardless of the property’s age.”
A division of GA Telesis, GA Telesis Composit Repair Group, LLC, signed on for 15,920 square feet of industrial space at 3420 NW 53rd Street in Ft. Lauderdale in August 2012.
Source: The Real Deal