MIAMI-Econocaribe, a warehousing distribution company, whichhandles commodities, signed an 144,000-square-foot lease at the400,000-square-foot Airport East Distribution Center in Miami’sCentral Miami-Dade submarket east of Miami International Airport.The 40-year-old building, which was a former Associated Grocersfacility, recently underwent a $3 million renovation

Econocaribe has been in this submarket for several decades andneeded a larger facility with more truck-loading space and a largeryard in which to store trailers, says Michael Silver, first vicepresident at CB Richard Ellis in Miami, who was the broker for thelandlord, the Terranova Corporation and joint venture partner,Blackrock, a publicly traded asset management company.

The Airport East Distribution Center had been vacant for along time, says Silver. But in the last two quarters,interest in industrial real estate in Miami-Dade, including theAirport East Distribution Center, has picked up dramaticcally, hesays.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.