MIAMI—Industrial real estate remains a hot commodity for both investors and end users in Miami, further evidenced by the latest string of industrial transactions spanning 307,000 square feet. Jones Lang LaSalle just inked three industrial leases and one sale transaction in Miami-Dade County.
“As one of the top industrial markets in the U.S., South Florida continues to garner the demand of domestic and foreign investors looking to establish and expand their footprint in the region’s thriving industrial market,” says JLL managing director Steven Medwin. “We foresee this level of activity to continue in 2013, as vacancy rates and asking prices remain stable and new projects break ground.”
Medwin and JLL vice president Nick Wigoda represented IndCor Properties in a 178,000-square-foot lease renewal at 10200 NW 21st St. and 10000 NW 17th St. in Doral, FL. Stephen DiGiacomo of DiGiacomo Group represented the tenant, Yusen Logistics Americas, a global leader in freight forwarding and supply chain services.
Medwin and Wigoda also represented IndCor Properties in a new 50,000-square-foot industrial lease and expansion of the Miami-based company SMT Duty Free, at 8935 NW 27th St. in Doral. With this deal, the duty-free retailer is doubling its square footage from 25,000 square feet and relocating from Beacon Centre. Scott Hardie of Miami Industrial Real Estate advised the tenant.
IndCor Properties also renewed a 29,250-square-foot industrial lease with Trane US, a division of Ingersoll Rand Corp., at 2660 NW 89th Ct. in Doral. The transaction allows the tenant, an HVAC supply company, to extend its lease in the centrally-located Doral facility. JLL represented IndCore. No additional broker participated in this renewal.
In another transaction, Medwin and Wigoda represented the buyer, Royal Wine Corp, in a $3.3 million purchase of a 50,000-square-foot, free-standing building at 8265 NW 70th St. in Miami. Royal Wine is a manufacturer, importer and distributor of premium wines and specialty foods. Lee Katsikos of the Katsikos Group represented the seller, Rubacon Development.
As Medwin sees it, the completion of these four latest transactions further affirms Miami’s strong position as a desirable industrial market and increased confidence in business owners who are investing in growing their businesses. JLL’s South Florida industrial team inked more than 4 million square feet of transactions in 2012.