MIAMI-Logistics company Forward Air has signed a 111,134-sf lease for space in the Airport Business Center in the Airport West submarket. The value of the lease was $5 million.

Codina Realty Services Inc. vice president George Pino represented the landlord in the transaction. The tenant was represented by St. Louis-based Fischer & Co. The six-building, 530,657-sf Miami Airport Business Center is owned by San Francisco-based AMB Property Corp. With the lease, the property is 100% occupied. Space in the building rents for $8.50 to $9.50 per sf, Pino tells GlobeSt.com.

Forward Air will occupy an entire freestanding building. "Forward Air's business dictates that it is located in close proximity to the airport cargo area," Pino says. "This building is just a few blocks away."

Pino says AMB plans to upgrade the building to meet the needs of the tenants. Upgrades will include improvements to the docking stations for the trucks and the administrative offices. "AMB is one of the largest landlords in the Airport West submarket," he says. "This gives Forward Air the flexibility to expand in future years if necessary."

The lease is indicative of strong leasing conditions the Airport West submarket is currently experiencing. "In the last 18 months, rents have increased 18%," Pino says. "It's a very tight market with little available distribution space."