State Street Realty, a Miami-based brokerage and advisory firm, recently closed over 327,000 square feet of office and industrial lease transactions valued over $20,500,000 as the Miami commercial real estate market continues to strengthen.
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 Landlords Prologis and various other clients completed these transactions in September 2015:
- Globesource Consumer Products leased 15,000 square feet of industrial warehouse space at Medley Commerce Center. Pino represented the Tenant and Alexander Bernaldo, SIOR, of Americas Industrial Realty Corp. represented the Landlord.
- JJ Road Feeder, LLC leased 29,760 square feet of industrial warehouse space at Prologis Beacon Centre. Pino, Lyden and Cabielles represented the Landlord.
- AFCEE, LLC purchased a 127,000 square foot Class “A” industrial property located at 1000 Park of Commerce Blvd. in Miami. Pino, Lyden and Cabielles represented the Buyer. Brian Smith, SIOR and Audley Bosch of Cushman & Wakefield represented the Seller, Lone Oak-Homestead, LLC.
According to Pino, “Strong demands in the Miami Airport submarket for both office and industrial space have rental rates on the rise and property vacancy rates going down. Foreign investors are having a significant impact in the acquisition of income-producing properties in the $1 million to $30 million range in the South Florida area more so than at any time during my 23-year career.” Pino added, “South Florida is one of the nation’s hottest markets for industrial development with over 3 million square feet under construction; South Florida is among the Top 3 markets desired by institutional investors for industrial projects.”