MIAMI-Flagler Real Estate Services is on the South Florida commercial real estate warpath with back-to-back-to-back deals. The firm closed on two leases in the region and added a significant client to its property management portfolio.
First, FRES closed on a 35,804-square-foot industrial lease at Pitts Building and Yard in Miami. Spanish-language network giant Telemundo is tapping the space to broaden its full-service production facilities in the city.
FRES vice president Cary Cohen represented the site landlord, Pitts Engine and Transmission, during the three-and-half month negotiation with the Telemundo. The building is located at 7370 NW 43rd St. Pitts no longer needed the space.
“The lease is indicative of the increase in activity and upward trend in rental rates--as compared to 2009 and 2010--in the Airport West market,” Cohen tells GlobeSt.com. “As far as new construction, I feel we’ll see that shortly.”
FRES also announced Siemens Enterprise Communications is renewing its 88,624-square-foot at 5500 Broken Sound Blvd. 5500 Broken Sound is a class A office building in Boca Raton’s Arvida Park of Commerce.
FRES senior managing director Keith O’Donnell represented the landlord, a joint venture of Mainstreet Capital Partners and the Praedium Group, in the three-year lease renewal. Newmark Knight Frank represented Siemens. O’Donnell says the renewal signifies Siemens’ commitment to the Boca Raton business community.
Finally, Flagler has added 4 million square feet to its South Florida industrial portfolio via a new assignment with Seagis Property Group. Seagis owns more than 8 million square feet of industrial buildings near major seaports along the US Eastern seaboard, including 80 assets throughout Miami-Dade and Broward counties.
“Seagis invests with a long-term ownership view, which requires a strong focus on customer service, tenant retention and cost controls,” Michael Vullis, vice president of Property Management at FRES, said in a statement. Over the past 12 months, FRES has added nearly 7.5 million square feet of new property management and brokerage assignments expanded its service offerings beyond office and industrial product include retail and multifamily sectors.
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