Transwestern Brokers 100 KSF Leases in Miami
- Apr 24, 2019
Geodis Logistics and Crowley Logistics have signed industrial leases totaling 104,055 square feet in Miami’s Airport and Medley submarkets, respectively. Executive Managing Directors Walter Byrd and Ben Eisenberg, Managing Director Thomas Kresse and Vice President Carlos Gaviria of Transwestern’s South Florida office worked on behalf of both tenants.
Geodis Logistics signed a new long-term lease for 65,130 square feet at South Florida Logistics Center, located at 3200 N.W. 67th Ave., adjacent to Miami International Airport. Geodis will move into one of the property’s nine buildings. Executive Vice President Chris Sutton and Director of Business Development Andrew Lehrer from Flagler Global Logistics represented their own company as landlord in the transaction. The Transwestern team partnered with Pro Venture to act on behalf of the tenant.
Crowley Logistics signed a 38,925-square-foot lease renewal at Flagler Station. The asset is situated at 11401 N.W 100th Road in Miami’s Medley submarket. Executive Director Stuart Gordon from Cushman & Wakefield represented the landlord, an entity connected to AEW Capital Management.
Desirable industrial market
Miami-Dade has become one of the nation’s most desirable industrial markets, with a net absorption of 1.3 million square feet and a 4.5 percent overall vacancy rate as of year-end 2018, according to a recent Transwestern market research.
“We continue to see strong demand in Miami-Dade’s industrial market, especially in areas near Miami International Airport,” said Byrd, in prepared remarks. “We anticipate further tightening of the market as competition among industrial users, and particularly logistics companies, remains strong for locations that will position their business operations near or with superior connectivity to the airport, seaport and major roadways,” he added.
The two lease transactions come at the heels of a similar deal for Transwestern. Recently, the same team worked on behalf of the landlord in a 364,608-square-foot lease renewal at an industrial building located less than 3 miles of South Florida Logistics Center.
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].