(Crystal Proenza is associate editor of Real EstateFlorida.)

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MIAMI-After considering relocation options throughout thecounty, NNR Global Logistics USA Inc. has renewed an 86,000-sflease at AMB Beacon Centre, a 2.3-million-sf industrial parklocated at 8323 NW 12th St. Local brokers say the lease representsthe strength of the Airport West submarket, which the latestCushman & Wakefield reports says outperforms all others in theregion.

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"Although they had a lot of options for relocation, the factthat we have such excellent proximity to the Miami InternationalAirport cargo area and ongoing cosmetic upgrades, they decided tostay," says George I. Pino, vice president with Flagler Real EstateServices, which represents the landlord. Jason Tresslar, seniorassociate with Coral Gables-based Flagler also represented AMB inthe five-year lease transaction, while Steve DiGiacomo of locallybased DiGiacomo Group represented the tenant.

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NNR is a provider of air and ocean freight, Customs brokerageand third-party logistics services. The company's lease renewalkeeps AMB Beacon Centre at 97% occupancy. The deal follows thebiggest transaction of the quarter, a 118,897-sf, $6-million leasesigned by Interport Services and B America Corp. at the same parkin lateAugust.

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According to Cushman & Wakefield, 61.6% of all Miami-Dadeindustrial deals in the last nine months have taken place in theAirport North and Airport West submarkets. Flagler's Pino andTresslar have completed approximately 300,000 sf of leasetransactions in the Airport West market since summer alone.

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"Airport West vacancy has shrunk to 5.7% from 6.4% a year ago,"Wayne Ramoski, senior director of Cushman & Wakefield, writesin the brokerage's third-quarter Miami industrial report. Averagerental rates in the submarket are at $8.46 per sf, whileMiami-Dade's average is at $7.13. The biggest industrial salewithin the county also took place here when AEW Capital purchased a116,000-sf building at 2525 NW 82nd Ave. for $13.8 million,according to the report.

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The submarket's location in close proximity to the MiamiInternational Airport and the Port of Miami decreasestransportation costs, making it attractive to distribution andlogistics companies, local brokers agree. "These properties thatare located nearby will traditionally do well even when we haveeconomic challenges," Pino tells GlobeSt.com. However, there arevacant spaces facing challenges within the submarket, he says,including those over 50,000 sf. "To get the bigger deals done thelandlords have to get very creative," he says, adding that becauseof this fact, concessions from landlords are much more prevalentthan they have been over the last two years.

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