MIAMI—In the largest industrial lease in Airport West in the last five years, Ceva Logistics has inked a deal for 364,000 square feet at the Ceva Logistics Building. Transwestern represented the building owner, Clarion Partners.
“Ceva is an important client for Clarion Partners, and we are pleased to extend our relationship with them in Miami,” Jesse Harty, Clarion’s Southeast asset manager, tells GlobeSt.com. “Miami is a key market for Clarion Partners, as demonstrated by this renewal and our recent acquisition of Westpointe Business Park, also in the Airport submarket.”
With more than 65.5 million square feet, the Airport West submarket is Miami’s largest. The hub of Miami’s bustling international travel sector, the submarket has continuously outperformed other markets locally and across the country.
According to Transwestern’s first quarter market research, the vacancy rate sits at 6.3%. Asking rents have increased $0.36 per square foot over first quarter 2013 to $9.22 per square foot. While new construction has increased across South Florida, the Airport West submarket has 908,009 square feet currently under development.
“Ceva’s extension speaks not only to the quality of the facility but also to the ownership and its relationship with the client,” Walter Byrd, Transwestern’s managing director. “The Miami industrial market, and specifically the Airport West submarket, continues to see steady demand and, even with the new developments underway, we expect it to outperform other markets across the US.”
Along with Byrd, Transwestern managing director Ben Eisenberg, senior vice president Thomas Kresse, and senior associate Carlos Gaviria worked on the deal. CBRE’s Michael Silver and Deborah Royal represented Ceva.